The dollar has gained against all currencies that make up the DXY today as the US Election continues to take hold. It is up by 0.75 percent against the Swedish krona, 0.74 percent against the Canadian dollar, and 0.60 percent against the Japanese yen. It is also up by 0.50 percent against the Swiss franc, and 0.50 percent against the pound and euro.

The surging greenback is mostly because the election results seem tighter than what most analysts were forecasting.

Votes are being counted across the US in what is turning out to be an incredibly tight presidential race, which attracted a record turnout, with Donald Trump outperforming expectations in a number of key states.

The New York Times is projecting the sitting president to win Florida, a key swing state, and he is also performing well in North Carolina.

However a number of battleground states, including Ohio and Pennsylvania, are currently too early to call. Joe Biden is also performing strongly in Texas, a traditional Republican stronghold, and Mr Trump will be in real trouble if he takes the seat.


12.30pm update: Clarks saved

Clarks, one the UK’s oldest shoe chains, has been rescued in a £100 million investment by Hong Kong-based private equity giant LionRock Capital.

The deal will see the 195-year-old retailer enter into a form of administration known as a Company Voluntary Arrangement (CVA), with Clarks insisting that no jobs will be lost and staff will continue to be paid.

Bosses said the move will allow them to keep all 320 stores open with no rent on 60 sites.

11.30am update: Lloyds to cut over 1,000 jobs

Lloyds Banking Group has said it plans to cut another 1,070 jobs as it continues a major restructuring programme.

10am update: Currency and market latest

The pound at 10am was 1.2973 dollars compared to 1.3049 dollars at the previous close.

The euro at 10am was 0.9001 pounds compared to 0.8985 pounds at the previous close.

The FTSE-100 index at 9:45am was up 43.35 at 5830.12.

8.15am update: FTSE latest

London’s FTSE 100 Index fell sharply on opening, initially dropping as much as 1.3% before paring back declines to stand 0.7% lower at 5747.4.

8.00am update: Pound latest

The pound at 8am was 1.2947 dollars compared to 1.3049 dollars at the previous close.

The euro at 8am was 0.9006 pounds compared to 0.8985 pounds at the previous close.

6.32am update: Robert Peston brands US Election ‘toxic’ for markets

BBC’s Robert Peston fears the US Election could have a deadly outcome for the global economy and Trump and Biden go neck to neck in the US Election 2020. 

He tweeted: “This kind of US election uncertainty toxic for economic and market confidence – in a #COVID19 era where confidence rock bottom”.

More to follow…

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