American voters elected Donald Trump by a fairly wide margin, thus siding with protectionism and America First.

It's a choice that opens the door to disengagement on the Ukrainian front, a new customs barrier for Chinese and European products, an acceleration of US oil production and strong action against immigration.

Initial market reactions were immediate, with the USD rising 2% against the Euro, Bitcoin up 10% and all equity markets consolidating.

The mere fact that the results were so rapid reassured investors.

Last week was also marked by favorable US economic statistics, such as the Michigan index (US consumer confidence in the economy), which strengthened over the month of October.

This will finally convince the Federal Reserve to pause its rate cuts.

A 25 bps cut was validated last Thursday and nothing more should happen for 2024.

Over the next few weeks, the Euro is likely to depreciate against the USD.

We have already tested a 4-month low of 1.0670 last Thursday, and we should certainly test 1.0650 again this week.

Let's wait for the final results of these elections to find out the extent of D. Trump's victory.