Mitsubishi UFJ Securities analyst Derek Halpenny said that if Republican candidate Trump wins the US presidential election on November 5th, the US dollar and US stock market may rise, at least initially. Trump stated in a media interview last week that the risk of increasing tariffs faster than in his first term as president is higher. However, the US dollar's nearly 4% rise in October suggests that this has already been digested and may limit the US dollar's gains. If Trump wins, the euro against the US dollar may fall below 1.0500, but it will still be above parity.