Big metals rebalancing incoming. Waiting for Godot, a.k.a. US dollar volatility.

Today, we note the strong risk-on vibe continues, though more in the broader market rather than in the megacaps. We also highlight that major commodity indices are in for an annual rebalancing in coming days, with interesting implications for gold, silver and even cocoa. There's also lots of Nvidia news shaking the autonomous driving space, very little going on in the FX space, though Aussie is doing its best to make noise and key US data incoming. This and more (including geopolitics and oil) on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.