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Split US Congress: shorts to surge, traders to close dollar and equity positions
Mike Read, founder of social trading platform Pelican, comments on traders’ reactions to US midterm election results below:
“Dollar bulls were looking for a sweeping Republican win and they didn’t get it. Congress is now split, with today’s trading looking increasingly bearish. We expect shorts to surge, with many of our traders closing their dollar and equity positions as fast as possible.
“With politics now even more polarised, calls for hikes in the fed rate will likely come thick and fast, which could actually benefit dollar bulls if they weather today’s storm.
“Whatever the outcome from today’s results, one thing is for sure – the cloud of uncertainty from the last few weeks has lifted and we’re back to seeing trading as usual.
“Underinvested traders will return to the markets and risk assets will now be one to watch, as the VIX’s term structure has remained inverted for the last three weeks- the longest streak since Sept 2011.”
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