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.

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

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