The Swiss Franc has always seen strong demand in times of elevated risk, be it market risk or geopolitical risk.And in the past it has probably been the number one “safe haven” currency, even ahead of the JPY and USD.
On 28 February, Trump’s address to Congress, even though not offering any specific details on his promised fiscal policies, was well received and pushed the USD and bond yield higher putting pressure on gold.
Copper is likely to enter another year of deficit, but stocks are still elevated and will cap price gains. While capex cuts have been aggressive, it will take time for supply to fall. Projects in pipeline are unlikely to be cancelled