The Mexican peso plummeted against the U.S. dollar to record lows Tuesday night as Donald Trump won Ohio and took the lead in the electoral count. "Shock and awe in the FX markets. We're having painful flashbacks to Brexit — no one is entirely sure where the bottom is at the moment, so most participants are in a 'sell first, ask questions later' mood," Karl Schamotta, director of FX research and strategy at Cambridge Global Payments, said in an email.
The peso was more than 10 percent lower against the greenback at an all-time low, with the dollar-peso near 20.33 versus the greenback as of 10:47 p.m., ET.
"Democrats (are) losing some other states that were supposed to be solid" wins for the party," Andres Jaime, global FX and rates strategist at Barclays, said in an email. He was referring to races in Michigan and Wisconsin, where the results were still too close to call.