Market thinking this is negotiating tactic. Creating demand for safe-haven assets like US dollar. Expect more increase in price of gold and other safe havens heading into weekend/next week.

Expecting 2 rate cuts; new Fed chair doesn't change that much. New chair doesn't like QE, wants smaller Fed balance sheet.

USD will stay soft for some time. Tracking Trump 1.0 where it declined ~10% in 2025. Downward pressure from rate cutting cycle.

Expect BoE to cut; inflation heading right direction, will pressure sterling vs USD.

US earnings growth ~14% healthy, driven by tech, communication, industrials. Beats lower than past quarters, environment where investors more discerning, want execution from capex spenders.