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Deutsche Bank stated that despite recent polls favoring Trump's victory, market pricing remains cautious. Despite discussions in the market about the 'Trump deal', the market remains cautious about the pricing of Trump's victory. Deutsche Bank illustrates this through the use of the US dollar in the foreign exchange market and a basket of S&P 500 index constituent companies that are most sensitive to tariffs. They believe that the decrease in the euro to dollar exchange rate from 1.12 to 1.09 is mainly due to the repricing of the Federal Reserve's expectations after the release of strong employment data in the United States. They also pointed out that the stock prices of a basket of S&P 500 index companies that are sensitive to tariffs have been trending sideways, but have only recently begun to underperform, which is consistent with recent public opinion survey trends. Deutsche Bank wrote: @drip
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