Already Tuesday, the Mexican peso was rising. It has moved in reverse correlation to poll numbers for Donald Trump, who has threatened to build a wall along Mexico's northern border and to end trade agreements between the two North American neighbors.
In late-morning trading, the peso moved higher, breaking a trend line at 18.50 and hitting a near two-month high, as traders leaned toward a Clinton victory. Other emerging market currencies followed suit, with the Brazilian real up nearly a percent, and the South African rand and Korean won moving higher.
Emerging markets are "just trashed if Trump wins, between Mexican peso directly and EM in general," said Sinche, who added that "it will be a mess, as they fear the things he's likely to do that could impact EM or Mexico directly or indirectly."
With the election close, foreign exchange is expected to lead, as the heartbeat of the financial markets and the lifeblood of all global commerce. If Clinton wins, analysts expect the markets to return to a normal mode, where the dollar would move higher, reacting to the prospect of a looming Federal Reserve rate hike.
"If they call Florida and Michigan for her, the dollar's going to have an uninterrupted rally," said Boris Schlossberg, managing director at BK Asset Management. "But if there's no call for Michigan and no calls for Florida by 10 p.m., we're going to have a volatile night."
"Everybody's at their desks. There's no quiet session in FX tonight. All the European desks are open. Everybody's manning their desks from 7 p.m.," he said.
According to Reuters, investment banks Citigroup, Barclays and Goldman Sachs all warned clients about the potential for volatility ahead of the election. Such a warning was last issued when Britain voted to leave the European Union in June. At the time, the pound rallied in anticipation of the vote going the other way.