Although it's too early to sound the all-clear, a trio of albatrosses looks to have been removed from the market's neck on Thursday.
Most obviously, Donald Trump signed off on an interim trade agreement that avoids Sunday's planned tariff escalation, and potentially paves the way for the rolling back of some existing levies. Additionally, Christine Lagarde delivered a calm, balanced message in her debut press conference, dispelling any notion that the passing of the proverbial torch at the ECB might go awry. Finally, Boris Johnson scored a huge victory, winning an 86-seat parliamentary majority, setting the stage for a prompt Brexit on January 31.
Sterling surged as much as 2.7%, in the largest rally since January of 2017. "The numbers that people expected were 330 maybe 350 so to see 368 on the screen is incredible", Nomura's Jordan Rochester told Bloomberg TV, referencing the Conservative landslide, which would give the party its biggest majority since 1987.
Of course, Brexit is still Brexit - a geopolitical earthquake of epic proportions. It's important not to lose track of that. And there's still more wrangling to be done. But over the past year, uncertainty around the fat
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