TD Securities said Donald Trump's presidency and the imposition of high tariffs would have a “nonlinear impact on the market” because traders have yet to fully absorb this risk. A strategist led by Jayati Bharadwaj wrote in the report that if Trump wins the election, it will be a world where the bear market is steeper and the dollar will strengthen. They keep shorting EUR/USD through options and expect GBP/USD to fall lower. They said, “Trump's deal will cause the euro, Australian dollar, and British pound to weaken among G-10 currencies.”

TD Securities said Donald Trump's presidency and the imposition of high tariffs would have a “nonlinear impact on the market” because traders have yet to fully absorb this risk. A strategist led by Jayati Bharadwaj wrote in the report that if Trump wins the election, it will be a world where the bear market is steeper and the dollar will strengthen. They keep shorting EUR/USD through options and expect GBP/USD to fall lower. They said, “Trump's deal will cause the euro, Australian dollar, and British pound to weaken among G-10 currencies.”