I currently view long gold and miners as perhaps the strongest near term trade(s) if you believe the “Trump trade” is unwinding for the time being.
Although combined production cuts resulting from the OPEC deal are said to be greater than combined production increases from the US and others, meaning inventories should be into balance, global inventories keep rising–particularly in the US.
Dovish hike of 25bp
Energy trader positioning has been heavily long oil and that trade seems to be unwinding.
Real interest rates are deeply negative in much of the Eurozone due to the combination of interest rate repression by the ECB’s bond buying program plus above-target inflation.
Something has to give, and it will be reflected in an even weaker GBP.