Donald Trump's poor debate performance leads to market bounce
Hillary Clinton’s performance wins over forex and stock markets
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Supporters of Donald Trump swamped online polls declaring victory after last night’s televised presidential debate, but it was Hillary Clinton who managed to convince the markets she was victorious.
The head to head battle triggered significant moves in the Mexican Peso, the Japanese Yen and the Canadian dollar, as currency traders bought and sold against the perceived failures and successes of the candidates.
By the end of the debate, the Mexican Peso had surged for the first time after weeks of stagnation as Mr Trump had been seen to close the gap in the polls.
A similar picture emerged in Canada, where Mr Trump’s incessant attacks on the North American Free Trade Agreement (Nafta), is seen as a threat.
The confidence in America’s two bordering neighbours has been interpreted as a victory for Ms Clinton who is seen as less of a risk than her opponent.
In contrast, the Japanese Yen saw a series of falls as the debate in New York unfolded. The Yen is seen as a safe haven currency in times of global uncertainty.
“Every time Trump looked too emotional, the Canadian dollar went up against the yen. When Trump shouted, the yen fell,” Nomura FX strategist Yunosuke Ikeda told the FT.
Meanwhile, stocks in Asia surged as Clinton gained the upper hand. Japan’s Nikkei index rose 0.3 per cent, after having traded 1.6 per cent lower ahead of the debates.
Hong Kong’s Hang Seng index gained 1.1 per cent after opening flat, and Korea’s Kospi rose by 0.7 per cent as Mr Trump was seen to get into difficulties.
“The market liked the idea of a higher degree of certainty from her policies. Some of Trump's more radical policies involved having control of Congress, which seems unlikely now and the market is sensing some relief,” Chris Weston, chief market strategist at IG Markets told the Wall Street Journal.
The presidential debate – the most watched in US history with an estimated 100 million viewers – may have changed little on the ground, with both camps claiming victory, but it gave the markets some respite from the prospect of a victory for Mr Trump and the fiscal uncertainty that outcome is expected to unleash.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments