Markets hit some rough patches yesterday, with all major European indices closing lower, followed by similar losses across the three main US benchmarks. Revised US data revealed an upward adjustment to second-quarter GDP, while jobless claims came in below expectations. This prompted markets to reassess the outlook for future interest rate cuts. Overnight, trade tensions resurfaced as US President Trump announced new tariffs targeting pharmaceuticals and heavy-duty trucks. Asian pharmaceutical stocks were quick to react, reflecting renewed concerns over global trade policy. Today, attention turns to the release of the US Personal Consumption Expenditures index, the Federal Reserve’s preferred measure of inflation. Joining us to unpack the latest developments in currencies and precious metals is Tim Gagie, our Head of FX & PM Solutions in Geneva.