The euro also had a very-short-term gain against the dollar. EUR/USD
rose 2.3% to $1.129 within 3 hours. 7 hours later the dollar had more than pared its losses and the market was trading at its highest levels since 28 October.
Sterling's ride has been less smooth. While there was a sell-off and partial recovery, GBP/USD
has seen far more volatility.
This is probably more to do with Sterling still getting support following the 3 November High Court ruling that said the UK Government cannot trigger Article 50 yet.
GBP/USD has been trading between $1.235 and $1.255 but that's still a long way off the pre-Brexit $1.400 - $1.470 area.
- - - December 2016 US Rate Rise Seems Less Likely - - -
There is certainly speculation around the markets that there won't be a US rate rise in December.
The theory is simple.
Although the markets didn't have a post-Brexit-like panic, a Trump Presidency still represents the unknown and potential instability.
With Trump's swearing-in ceremony taking place on 20 January 2017, it's deemed unlikely that a cautious Federal Reserve would raise rates in December.
Even though the Fed is independent, Trump has criticised both Janet Yellen and high(er) rates, and that adds to the argument against a rate rise.
Hillary Clinton's business-as-usual approach may have given the Fed more licence to increase rates but that's a rather moot point.
The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced.
By Adam Jepsen, 10 November 2016