"What does seem clear from today's very positive reaction to a slender poll lead for Mrs Clinton, is that the market has been very nervous indeed in recent days. Trump is risk-off, Clinton is risk-on and markets will move whatever the result or more particularly, whatever the results in Florida and North Carolina.

Another consensus view (and one which I share) is that the Yuan has further to fall. Scepticism about the recent stronger data and concern about its reliance on excessive debtfinancing is a common theme but more than that, as long as the Chinese authorities can engineer a weaker currency, they will. Personally, I'm not sure that shorting CNH would ever be a favourite trade, but I'm left wanting to sell a post-election NZD and AUD rally, wanting to sell SGD, KRW and JPY under almost any circumstances.

My own favourite non-FX trade is to sell gilts regardless, my favourite FX trades are to be long the Euro on Trump, short the Yen on Clinton, and since Clinton's ahead, long USD/JPY is my best guess".

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