Daily Morning Call
Election Special Global Morning Call – #SaxoStrats video
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- John J Hardy, Saxo Bank head of FX strategy:
- The markets have already drawn their conclusion
- USD reaction is in-line with the expected pattern
- The dollar is down against the safe-havens
- USDJPY is mispriced, nothing has changed with the fundamentals
- It'll be interesting to see what the next anti-establishment move is in Europe
- The clock is ticking on a Janet Yellen exit
Steen Jakobsen, Saxo Bank chief economist and CIO:
- I'm in Russia, which isn't at all surprised by Trump's victory
- This isn't about Trump winning, it's about Clinton losing again
- It's about anti-globalisation and the coming of age of the Berlin Wall generation
- People couldn't live with another 8 years of no change
- The popular vote in the US decided for Trump
- This is a sea-change in the world of politics
- If there's one thing Americans like, it's the feeling of being great
- The probability of a US rate hike has dropped
Peter Garnry, Saxo Bank head of equity strategy:
- We're going to see a replay of Brexit in markets today
- Asia Pacific is down by 3.4%, lead by cyclicals
- Asia Pacific financials are holding up much better than expected
- We can expect a bloodbath in Mexican stocks
Ole Hansen, Saxo Bank head of commodity strategy:
- Oil and copper are lower, gold sees a strong bid
- Trump's pro-fossil fuels policies could see US oil production recover
- Gold needs to close above $1,330 in order to signal a move to July high of $1,375
- We've seen a big surge in gold volume already
Michael Boye, Saxo Bank fixed income specialist
- Yields plummeting on the back of Trump's surprise win
- US Treasuries short end is down, 2-yr has dropped 20 bps
- Bunds may open at 164-plus with negative yield
- Fed policy is completely up in the air
- It's very difficult to see Yellen hiking onto this turmoil