US futures markets were up this morning after Trump announced a temporary tariff reprieve on key technology imports. The three major indices all registered massive gains last week, with the Dow Jones climbing 4.95%, the S&P 500 gaining 5.7% and the Nasdaq Comp clocking in with an impressive 7.3% weekly candle. Of course, last week’s historic gains followed in the footsteps of historic losses the week prior. The back and forth with regards to tariffs has resulted in a similar back and forth in asset valuations, with no end to the volatility in sight.
The uncertainty has resulted in huge flows into gold, which gained no less than $200 last week and hit a new all-time high of $3,245 an ounce. The precious metal was not the sole benefactor of safe-haven flows however, as evidenced by the Swiss Franc, which gained 5.6% against the Dollar last week to reach $1.22. The Greenback faced heavy headwinds all week, culminating in the DXY closing below 100 for the first time since July 2023.
Asian stock markets awoke with cautious optimism this morning. The Hang Seng and Nikkei 225 indices opened higher and are now enjoying the calm before the storm that will no doubt descend upon markets later in the day. The economic calendar is looking relatively sparse this week, with the exception of a few noteworthy events. Fed Chair Powell is set to deliver a speech on Wednesday, providing some much-needed guidance on the state of the Dollar. Earlier in the day, the Bank of Canada is expected to keep rates on the Loonie steady at 2.75%, while on Thursday, markets are anticipating another 25-bps cut on the Euro interest rate. A reminder that markets in much of the western hemisphere will close for Good Friday and will remain shut until Easter Monday. The ongoing trade spat will likely continue to dominate market movements again this week and trading conditions are likely to remain perilous for a while longer.
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