If 2018 was ‘the year when nothing seemed to work’ in Equity markets, then 2019 was the year when everything seemed to, with many indices closing at all time highs and the villains of 2018 becoming the heroes of 2019.

One of the more interesting things to have occurred during the “hidden holiday season” has been the behaviour of the trade weighted US$, which has just completed a 23.6% fibonacci retracement of its rally from the February 2018 lows and, more importantly, has broken the long term support levels that have been in place for 18 months. The next level of support is back at the January 2019 lows.

The Times recently featured a rather curious article titled “Enjoy those gadgets while you still can” by Gerard Baker in which he bemoans the lack of innovation in the last decade.

Looking into the next decade we see some short term uncertainties, some near term risks and some long term trends.

So in the end the Liberal Democrats and the Brexit Party ended up doing more damage to Jeremy Corbyn’s Labour Party than to Boris Johnson’s Tories.