Premarket: Currencies jumpy, stocks stable with all eyes on U.S. election

Stocks were steady on Tuesday but implied volatility ratcheted up in currency markets in an early indication of the market frenzy to come, as the world awaits the outcome of a knife-edge U.S. election.

Currencies, which unlike shares trade around the clock, saw more action albeit still offering only scattered and contradictory indications of which candidate investors were betting on. Bitcoin added 2.7% to about $68,884, with Trump viewed by analysts as enacting more favorable policies for cryptocurrencies than Harris.

“Ultimately the U.S. election comes down to this - whether the U.S. electorate wants to vote for economic policy continuity, institutional stability and liberal democracy or radical trade policy, a further retreat for globalization and strongman democracy ,” J.P. Morgan analysts said in a note. “In short, a vote for stability or change.”

“Simply, if Harris wins, we like selling dollar/yen and buying AUDUSD,” said a currency strategists at Citi. “If Trump wins, we like buying USD against EUR, SEK, and NOK.”

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