The U.S. dollar sank and stock markets slammed into reverse in wild Asian trade on Wednesday morning as the financial markets reacted to Donald Trump lead in the race for the White House.

 

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The Republican candidate is comfortably ahead his Democrat rival Hillary Clinton in the battle to claim the 270 electoral votes needed to win.

 

The dollar fell 2.4 per cent against the safe-haven yen to 102.72 yen.

 

Meanwhile the euro gained one per cent to reach $1.1130.

 

Markets fear a Trump victory could cause such economic and global uncertainty to prevent the Federal Reserve from raising interest rates in December, as long expected.