In a week’s time, we’ll find out who the next US president will be, and understandably politics is clearly overshadowing economics at the moment.

The latest poll from ABC News/Washington Post showed Hillary Clinton and Donald Trump neck and neck, with Donald Trump leading by a single percentage point, at 46% to 45% – Trump’s first lead in the polls since May.

The growing possibility of a Trump presidency has made investors nervous, selling stocks and the US dollar as a result. With markets starting to panic about next week’s election, nobody is expecting any major move by the FED today, even if all eyes will turn to the FED and the FOMC this evening, as they look for clues as to whether a rate hike is still on track by the end of 2016.

Positive data out of the US yesterday was better than expected, with the national ISM Manufacturing Index printing 51.9 from 51.5 in October. Treasury yields were up for the better part of the North American trading session, but risk aversion was the main theme dominating markets yesterday.

Data from the UK

In the UK, the manufacturing sector continued to grow at a solid but slower pace in the month of October; Markit Purchasing Managers’ Index fell to 54.3, from 55.5 in September. This report clearly showed how the weaker pound failed to provide a significant boost to economic activity.

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Article by Davide Ugolini, Senior Corporate Dealer
* Information courtesy of Currencies Direct
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