US stock futures, dollar climb amid tight race

US stock futures and the dollar climbed in Asia on Wednesday as early results from the US presidential election suggested the race remained too close to call, leaving investors jumping at shadows.

Treasury yields climbed as some betting sites swung to favour Trump, while futures markets were still confident the Federal Reserve will cut interest rates by 25 basis points on Thursday.

Analysts generally assume Trump's plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris' centre-left policies.

Trump's proposals would also tend to push up the dollar while potentially restricting how far the Fed might ultimately be able to cut rates.

"As the early results come in, even though none of them are that surprising, we are seeing Treasury yields rising a little bit, the dollar strengthening, bitcoin up; kind of a classic Trump trade," said Brian Jacobsen, chief economist at Annex Wealth Management.

The Mexican peso slid against the US dollar on as results started to roll in. The peso was trading as high as 20.3920 per greenback, nearly 1.5% weaker than its closing price on Tuesday and its weakest since September 2022.

China's yuan weakened in early Asian trades on Wednesday and Hong Kong stocks fell, while Indian government bond yields are expected to trend higher in opening deals.