Today we look at the latest flurry of Trump headlines and whether we are any the wiser on where tariff policies are headed, even as the market takes some encouragement. We sort through some of the next questions to ask about Trump policy as well, especially whether he'll get what he wants from the oil and gas market: lower prices. Elsewhere, the market is issuing a collective yawn after the BoJ hike overnight. And we flag the big event risks of next week and an interesting US option market indicator that suggests some nervousness despite record levels in the US S&P 500. Today features Saxo Head of Commodity Strategy Ole Hansen and Chief Macro Strategist John J. Hardy.

See John's Q1 Macro Outlook here. See John's Q1 FX Outlook here. See Ole's Q1 Commodity Outlook here. See Charu's Equity Outlook here. 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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