Today’s episode covers the latest FX, commodities, trade, and geopolitics:FX: Dollar pressured as Trump’s attempt to fire Fed Governor Cook raises Fed independence concerns; franc and yen strengthen, euro weighed by French political risk, Aussie fails to hold CPI-driven bounce.Commodities: Oil retreats after smaller-than-expected stock draw; Trump predicts crude below $60, Goldman sees Brent in low $50s by 2026. Gold eases from near $3,400/oz, copper drifts lower. Chile tightens rules for restarting Codelco’s El Teniente mine.Trade/Tariffs: Trump vows “substantial” furniture tariffs; U.S. says deals with EU, Japan, South Korea are done, though details with Seoul remain. U.S.–China trade talks resume this week. Canada and Mercosur restart negotiations in October. Indonesia says U.S. to exempt palm oil, cocoa, rubber from tariffs.Geopolitics:Middle East: U.S. envoy Witkoff says multiple nations negotiating peace accords with Israel; Trump to chair Gaza meeting at the White House; Iran warns over nuclear deal “snapback.”Russia–Ukraine: Trump threatens new sanctions if no ceasefire; U.S. envoy says Putin showed good-faith effort in talks; Ukrainian officials to meet in New York.Europe: EU prepares emergency aid for aluminium industry; SNB says franc strength largely dollar weakness, hints at possible intervention.

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