The "Trump trade," which comprises of bullish bets in bitcoin (BTC), the dollar index, and bets on higher Treasury yields and lower Mexican peso, is in full swing as the Republican candidate takes a notable lead over Kamala Harris in the presidential race.
"Mexican Peso is weakening substantially, even before we know what will eventually happen tonight. An indication that we may see very big moves in the event of a Trump win..," Robin Brooks, a senior fellow at the Institute of International Finance.
The cryptocurrency saw bigger gains in Mexican peso (MXN) terms as the Latin American currency, expected to be hardest hit by Trump's tariffs plans, fell 3% against the USD to 20.7080, reaching the lowest since August 2022.
Trump reiterated his intention to impose a 25% tariff on imports from Mexico, one of the U.S.' largest trading partners last year, while warning of a hike to 100% if the country fails to close its border.
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