The Mexican peso is climbing and the yen is tumbling

The Mexican peso is surging and the yen is tumbling.

The peso is stronger by 0.6% at 18.4872 per dollar as of 11:22 a.m. ET.

Given that Republican presidential nominee Donald Trump's protectionist platform could have negative repercussions for the Mexican economy, the currency has become something of a gauge of his prospects over the past couple of months of the campaign.

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Meanwhile, the Japanese yen is down by 0.5% at 104.94 per dollar as of 11:24 a.m. ET.

Notably,some investors will be keeping an eye on the yen as the election results roll in given that, as Taisuke Tanaka, strategist at Deutsche Bank, wrote earlier, "Since October, USD/JPY and share prices have risen when polls suggest a Clinton win is more likely and fallen when support for Trump rebounds."

"Initially, the reaction of USD/JPY and share prices is likely to follow this preelection pattern until there is some certainty about the election outcome," he added. "However, we think a Clinton victory should not be necessarily viewed as USD/JPY-bullish, only for a trigger to unwind USD/JPY shorts."

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