Trump’s victory dominates headlines

Donald Trump is to become the new President of the United States of America. Whichever way you look at it, fair and square the numbers were read out and surprising to some he come out on top.

Amongst protests and anguish from Democrat supporters, some investors were not surprised and have used Brexit as a good example.

Donald Trump has somehow turned the tide, and pulled off a major upset in America, but as per the mayhem of Brexit, data is still flourishing in the UK and short term, we still continue to carry a very low unemployment rate, and exports are now higher than a year previous. This is not to suggest all is well with a Trump win, as his policies on tax, immigration and trade deals will now be scrutinised, with investors keeping a close eye come January.

All eyes on Yellen

Janet Yellen, chair of the Federal Reserve, who has in the past been criticised by Donald Trump, will now be dragged into the spotlight, as it is unclear whether she would be willing to run alongside him, but interest rates are still increasingly likely to rise in December.

Data to come

Economic data is thin on the ground today, but markets are expected to continue to digest the win in the US for the Republicans. Later today, the Bank of England Chief Economist Andy Haldane is due to speak, whilst ECB key note speakers are out to talk during the day. US Fed’s Bullard and Lacker are also expected to appear at some stage in the US, which will be closely watched.

The Mexican peso, which has faced much volatility since Trump’s decision to run for President, fell to a record low against the US dollar, which has now levelled off over the past 24 hours. GBP/USD rose to a high of 1.2547, but has now found a level back towards 1.24. EUR/USD was also volatile and hit 1.1300, but dropped back to 1.0950, while GBP/EUR rose above 1.14 for the first time in five weeks and started this morning at 1.1380.

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