The Trump trade continues to unravelas the new Administration picks at the low-hanging fruit of protectionism and leaves the harder, more positive agenda of tax reform, deregulation and infrastructure spending to a later date. Investors are becoming increasingly concerned that this delay likely means dilution of Trump's election promises. So far this environment has primarily led to a weaker USD, with G10 commodity currencies being spared investor concern about protectionism. Part of this price action is due to positioning, but is also the concept of the US engaging in a currency war rather than a trade war, and the ... (full story)