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Trump Trade approaching the limits

As president-elect Donald Trump is expected to push forward his populist agenda, short-term figures are already showing trades have reached their bullish extremes.

People waiting to meet potential employers at a job fair in Hartford, Connecticut, US. This week's jobs data will be crucial given that the December FOMC meeting is just around the corner.

WHILE the S&P 500 made a new high last week, the "Trump Trade" appears to be exhausting. The key elements of the trade have been: bullish US dollar, US equities, USD/JPY, Japanese equities and industrial metals.

The other side of the "Trump Trade" has been: bearish Asia ex-Japan...