How do you trade this madness?

Let's have a little brainstorm on how to navigate political risk at the moment.

It's been at least a generation since markets cared so much about politics. And thank goodness for that because central bankers aren't doing anything interesting.

The thing is, there is no great playbook for how to trade it. Fading political risk has been the trade so far and I expected it will continue to be but there has to be a limit. There was a Congressman calling for Trump to be impeached today in the House.

The yen is on fire. Gold is up $20. The US dollar rallied against commodity currencies and then changed its mind.