The USA has a new President, so what does that mean for the Pound?
First we had Brexit and now we have another huge game-changer with Donald Trump getting to the White House. We’ve already seen dramatic moves in the currency market as traders try and come to terms with exactly what that all means.
First reaction was to sell the US$ and that sent GBPUSD up to 1.2550 and GBPEUR down to 1.1050. In the following hours and today however we’ve seen a rally in the stock markets that has meant large selling of Euros as investors sell the currency to re-invest amidst fears that in this age of an apparent global protest movement the Eurozone could be next under scrutiny.
GBPEUR has today traded back above 1.1600 and GBPUSD back up to 1.2620 from 1.2350 demonstrating the current volatility as the post-election fallout continues. To be honest, these moves could just as easily be reversed in equally rapid time and the uncertainty is going to continue for a very long time yet.
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