Our latest commentary - Election fever - is Trump catching a cold?

So who is really bothered about Brexit anyway?  It makes no difference, if UK and US stock markets are anything to go by.  At the time of writing the S&P 500 has just reached an all-time high after strong non-farm payroll data (jobs) and the FTSE 100 is meanwhile ticking along, minding its own business and slowly creeping up towards 7,000.  Regardless of the fact that the market seems irrationally bullish at present, we have to accept that there is still momentum with this post-Brexit rally, partly as a result of the speed with which Theresa May took over and steadied the ship and partly due to expectations that Britain won’t feel the pain for a good while yet. 

So if the markets have moved on from Brexit already, what else is topical?   We are about to witness one of the most bitterly contested US presidential races in history between two of the least liked US presidential candidates in history.  What impact could there be of a Trump win on the dollar, markets and the US economy?  Is Hillary any more palatable?  With the November 8th election looming, this month we consider the implications for either outcome.