A slight air of caution is beginning to take hold now, with markets still trying to figure out the impact of a Trump presidency, and there are signs that volatility is beginning to subside now. After the initial wobbles, Wall Street had given Trump the thumbs up and pushed strongly higher. The prospect of tax cuts and potentially $1 trillion of fiscal stimulus would do that, whilst the changes to banking regulation is also deemed to be strong for the banks sector. The dollar has been on a tear since the middle of Wednesday morning, however there are a few early signs of this rally beginning to slow. The rally on Treasury yields though continues apace yesterday and if this begins to drop off then there could be some cause for some near term profit taking on these long dollar positions. The safe havens have been hit in the past couple of days but can the early moves today be anything more than a bear rally that delays further selling pressure?
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