The last week saw global markets preparing for a Clinton win which never followed through. In the early hours of Wednesday morning, world indices and index futures were down to the tune of 5%. The USD/ZAR initially reacted negatively to this news, falling from R13.17 all the way to R13.82 in a matter of minutes. Markets spent the remainder of the day fighting back losses. Pharmaceutical companies reacted explosively on the news that Trump won the election, up almost 10% each for stocks like Gilead, Celgene and Amgen. On the commodity side, Iron Ore, Gold and Silver jumped around 5% on the news of the new president. Currencies that acted as safe havens against the USD were the Danish and Icelandic Krona, Croatian Kuna, Euro, Israeli Shekel as well as Columbian, Argentinian and Chilean Peso’s, all strengthening against the USD after the election news.
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