Introducing Surge - Intelligent Book and Execution Optimisation Platform

Little progress has been made in tariff negotiations so far, leading the USD to continue weakening. USD/JPY briefly dipped below 140 overnight, and sterling is now trading above 1.3400.

Markets continue to trade in a tighter range than last week, while haven assets continue to rally in the background. Gold (XAU) broke the $3,300 barrier for the first time yesterday and has sustained that move. Gold is now up 28% for the year, following a 27% rally in 2023.

Risk sentiment has waned slightly again, with trade conflicts continuing after new restrictions on Nvidia and a probe into the need for levies on critical minerals.