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Market seeing unwinding of risk-aversion trades, says Erlam

Monday, November 7, 2016 8:54
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Craig Erlam, of foreign exchange broker Oanda, walks us through the market movements as impacted at this late stage in the race for the White House.
Markets have been ticking higher after news on Sunday that the FBI would take no further action in the Hillary Clinton e-mail debacle.
“I think what we are seeing today is largely the unwinding of the risk – aversion trades which we saw build up over the last week but what I find interesting is that we haven’t seen a total unwinding of these and to me that suggests that people think there is still a certain amount of damage that was done by the reopening of the investigation,” he says.
He believes markets will react positively in the event of a  Clinton win, but have been cautious and holding back after the shock UK Brexit vote five months ago.
A Donald Trump win is not priced in and could lead to severe reaction to the downside, he suggests.

Story by ProactiveInvestors


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