Not All Financial Assets Are Trump-ed Equally — MM #124

Financial markets are certainly moving in the near-fortnight after Trump shocked markets with his ascent to the presidency. 

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  1. Currencies: We focus on the three major currency pairs: EUR/USD, GBP/USD and USD/JPY which are reacting differently, partly on monetary policy divergence and also on politics.
  2. Gold: The precious metal is stuck in a conundrum between a hedge against inflation but also as an asset in need of Fed stimulus.
  3. Bonds: The “bond rout” has not been equal, but it has certainly some benefits for some central banks.
  4. Stocks: Some of the money going out of bonds enters stocks, but certain sectors are trumping others.
  5. Preview: The week of Thanksgiving features relatively few data points but that doesn’t mean little movement. The FOMC Meeting Minutes stand out.

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