Major banks have formally told clients to expect volatile currency markets in the aftermath of Tuesday’s U.S. presidential election, with the gap between buying and selling prices that determines the cost of trading expected to widen sharply if Donald Trump were to win.

The warnings issued by the electronic trading platforms run by the market’s largest player Citi and rivals Barclays and Goldman Sachs, seen by clients of the banks, have over the past two years become standard ‘red flags’ ahead of big political and economic set-pieces.

But issued broadly for the first time since Britain’s vote to leave the European Union in June, they are also a measure of the scale of risks being attached to Tuesday’s vote.

Banks have forecast falls of up to 5 percent in the dollar’s value against the yen if Trump were to win and a bounce of 1-2 percent for the greenback on a victory for Hillary Clinton.

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