Not surprisingly commodity based currencies are struggling within a context of sluggish to falling global capital formation and the threat to global business of disruptive trade and sanctions policies. The investment accelerator also works in reverse remember - as a decelerator in times of sluggish investment. This is well known by commodity analysts who are often wrongfooted on the up and down side moves in prices. It is also clear that part of the mystery of the absence of global inflationary pressure is technological change (demand, supply and use technologies) in economising on commodity raw materials. If commodity currencies cannot enjoy improving export prices in a "Trump boom" then what chance have they as trade induced recessions loom? USD looks like the best currency in current circumstances barring other safe havens as (if) things deteriorate - JPY and CHF.