The US dollar started rising, the Mexican peso began falling. That could only mean one thing – that Donald Trump was set to become the next president of the United States. So it proved, with the markets factoring in a resounding Trump victory well before he appeared at his celebratory rally in Florida. Suddenly, across the world, “Trump trades” were back on again.
There had been a period when they were off the agenda, put on hold by speculators as the prospect of a Kamala Harris win hardened. Not last night. As soon as the results rolled in, strategies for currencies, equities and bonds, based on a Trump return to the White House, were hastily revisited.
They were also being revised, since his triumph was appearing more emphatic than the polls during the campaign had ever suggested. He could end up with all three levers of American might under his control: the presidency, the Senate and the House. Not to mention the Supreme Court. Come January and his formal crowning, the 47th head of the most powerful country on Earth may be able to do pretty much as he pleases.
This story is from the November 07, 2024 edition of The Independent.
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This story is from the November 07, 2024 edition of The Independent.
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