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Investors were caught short this morning after pricing in a Clinton victory and as a result the GBP/USD cross climbed to a high of $1.2545. However, with markets still unclear on the impact Trumps presidency will have on the currency, the dollar has begun to fight back and has left GBP/USD trading at $1.2380 at the time of writing.
GBP/USD graph
Trumps victory speech seems to have helped calm investors nerves, as he didn't mention about renegotiating or scraping the North America Free Trade Agreement (NAFTA) with Canada and Mexico or this highly controversial boarder wall.
What next?
It will take a few days for the drama of the election to pass and I am sure we will continue to see some heightened volatility for dollar crosses over the coming weeks and months.
Once traders and investors get over today's shock, their attention is sure to turn back to the U.S. Federal Reserve and their proposed interest hike in December. There had been concerns that if Trump won it could delay Janet Yellen & Co raising interest rates next month, and if that turns out to be true the dollar could quickly give up any gains that it makes.
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