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.
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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”.