The dollar has come under considerable pressure over the past week or so, leading to some strong moves across major markets. As ever, it has been shifting positioning over the US/China trade dispute. Positive noises towards finally signing of “phase one” have been growing. On New Years Eve, President Trump tweeted that a meeting on 15th January to sign an agreement has been pencilled into the diary. Flow out of the safer haven assets (USD, JPY, government bonds) and towards the higher yielding plays (AUD, NZD, CAD) have all been seen. Even EUR and GBP have benefitted, whilst the USD weakness has played into a gold ... (full story)