Euro and pound tumble as Trump storms to victory — stocks don’t know whether to laugh or cry – POLITICO

The euro and pound slid on Wednesday in Europe as Donald Trump swept to victory in the United States presidential election.

But there were plenty of winners in Europe’s stock markets, too, as investors positioned for a radical change of course in transatlantic politics.

The dollar — the single most important asset in world financial markets — went on a tear. It posted its biggest one-day rise in nearly two years in anticipation of a raft of policy promises that, if implemented, look likely to fuel inflation and force the Federal Reserve to keep interest rates higher.