Trump's latest round of tariffs sent key commodities higher on Monday, with gold notching up yet another record high and honing in on its $3k milestone. Inflationary concerns ahead of Powell's testimony and US CPI also saw crude oil rebound 1.6% from key support levels.
The macro drivers that fuelled the Trump trade in Q4 may need some sort of booster to be sustained. And futures positioning is already displaying early signs of caution among EUR/USD and commodity FX bears.
