With one week to go until the US Presidential election, there is a sense of calm in the markets. All major currencies are almost flat as the bulk of investors now await the closing of the polling stations late on November 3. This election carries perhaps more weight than previous ones; facing a global pandemic, growing friction with China and increasing social polarisation, the choice of who gets to be the next US president could be a crucial moment in history whose impact will be felt across several market-sensitive areas, such as the stimulus package, trade wars and even Brexit on the other side of the Atlantic. So, unless something very substantial occurs between now and November 3, we should expect lower than usual volatility until the polling stations close.
