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Polling day is finally here. Monday was clearly a risk-on
session with some of the Trump hedges almost completely unwound within a
day including the S&P, DJI and NASDAQ which clocked >2% of gains
each. The shifts in the FX space were milder. EUR, CHF and JPY softened
while risk-on proxies like the AUD, NZD outperformed. At this point, we
are reminded that it is not too long ago that the British had their
referendum and shocked the world with their vote to exit the European
Union...
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