Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: FactSet; Chart: Axios Visuals

The Chinese yuan and Mexican peso, which have both been tied to bets on Trump's election prospects, saw wild swings on election night.

What it means: Few expect Joe Biden to significantly alter U.S. policy toward China if he ends up becoming president, but the Trump administration's increasingly hawkish tone on China in recent days helped move the Chinese currency significantly as betting markets moved in and out of Trump's favor.

  • The dollar's value against the yuan initially fell on expectations of a Biden victory but then rose again as it looked like Trump was poised to win.

The bottom line: By the end of Tuesday night, the yuan was back where it began the day, at around 6.7 yuan per dollar, according to FactSet data.

  • Over the course of an hour and a half, the value of the dollar against the Mexican peso fell to 20.90 pesos per dollar, its lowest since Oct. 26, and rose to 21.91 pesos per dollar, the highest since Oct. 2.

Go deeper

Scoop: Trump plans last-minute China crackdown

Illustration: Aïda Amer/Axios

President Trump will enact a series of hardline policies during his final 10 weeks to cement his legacy on China, senior administration officials with direct knowledge of the plans tells Axios.

Why it matters: He'll try to make it politically untenable for the Biden administration to change course as China acts aggressively from India to Hong Kong to Taiwan, and the pandemic triggers a second global wave of shutdowns.

50 mins ago - Sports

The end of COVID’s grip on sports may be in sight

Illustration: Aïda Amer/Axios

Packed stadiums and a more normal fan experience could return by late 2021, NIAID director Anthony Fauci said yesterday.

Why it matters: If Fauci's prediction comes true, it could save countless programs from going extinct next year.

Trump's 2024 begins

Trump speaking to reporters in the White House on Thanksgiving. Photo: Erin Schaff - Pool/Getty Images

President Trump is likely to announce he'll run again in 2024, perhaps before this term even ends, sources tell Axios.

Why it matters: Trump has already set in motion two important strategies to stay relevant and freeze out other Republican rivals.