Investors should be aware of the big signposted market moving events like the non-farm payrolls, Central Bank announcements and elections.
However, as was saw in the 18 month run up to the US election, Donald Trump campaigned like no other candidate.
If Trump continues with his off-the-cuff rhetoric and public spats that could easily create unexpected volatility in the currency markets.
Traders need to think about what they will do if, or when, an unexpected Donald Trump statement, or tweet, hits the markets.
Of course, factoring-in unexpected volatility is no mean feat.
Will The Markets Overreact?
If the President-elect starts waxing lyrical about putting up trade barriers (or any other kind of barrier) then the markets could quickly react.
In the short-term, and especially during the first 100 days of the Trump Presidency the markets could well overreact to his comments.
Trump Has Form When it Comes to Public Bust-ups
Trump is not a man who washes his laundry in private. He has plenty of form when it comes to public bust-ups and criticism.
He has managed to have pointless and public bust-ups with Bette Midler, Cher, Robert De Niro and Rosie O'Donnell. Perhaps that's just part of being a celebrity.
However, he's also had pointless and public bust-ups with people that could further his objectives e.g. David Letterman and even pro-Republican Fox News hosts/contributors like Megan Kelly and Michelle Malkin.
Of more concern, is that he's also publically fallen out with senior Republicans like John McCain and Mitt Romney. Not to mention the public swipes on twitter at the broader GOP leadership.
No doubt Barak Obama and George Bush fell out with many people and organisations. However, keeping most of those disagreements and feuds behind closed doors helps to keep the markets calm, it also helps to heal any rifts more quickly.
It's easy to see the President-elect falling out with almost any person, industry, organisation, trade deal, piece of legislation, country etc.
Trumping the Forex Markets
The Mexican peso has been in a downhill slide against the dollar since 2014, long before any talk of walls and mass-deportations. In June 2014 USD/MXN was trading around the $13 mark, it's now trading around the $20-21 mark.
Any further comments from Trump could easily add fuel to the fire. Likewise, unexpected conciliatory comments could easily boost the peso and catch traders out.
The Russian ruble has also been under a lot of pressure since June 2014. If traders think a new Trump communiqué means that he has fallen out with the Kremlin that could easily put short-term pressure on the Ruble.
Anyone playing buzzword bingo during the TV debates would have wanted the word 'China'.
A new anti-Chinese-imports speech that puts pressure on the Chinese Renminbi could also cause short-term volatility in related floating markets like the Hong Kong dollar.
Storm in a Teacup?
It will be difficult to trade this kind of volatility and investors will be trying to second guess the market.
Traders should remember though, the markets often have short-term memories.
It's easy to imagine the markets overreacting to a Trump ad lib and then quickly retracing to the pre-comment levels.
Of course, if Trump's comments cause a lot of volatility, but there is little substance to his comments, then it may only be a matter of time before the markets start to ignore the US President.