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Sentiment in the United States has severely eroded following the political fallout in Washington. The controversy surrounding the dismissal of the director of the Federal Bureau of Investigation (FBI) James Comey has hit risk moods hard and have cast a long shadow on Mr Trump’s proposed tax cuts. It is yet another hindrance in his presidency, which casts doubt on his ability to push forward his future budget plans.

The US dollar remained under pressure through April, dropping to six month lows. The US Dollar Index, a measure of the dollar against a basket of major currencies, slipped to 98.41 amid a host of key developments in the United States. The downside pressure on the greenback has been interesting to say the least.

Risk appetite rode a wave of optimism following a favourable first round outcome in the French presidential election. With a far left vs far right scenario crisis averted, markets celebrated the positive, with the centrist Emmanuel Macron heading into the second-round face-off with a healthy lead in the polls over the nationalist Marine Le Pen.