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Commodity prices initially rose as emerging market currencies traded higher at the start of the trading week, cooling investors’ worries about instability in the space and sapping the haven appeal of the US Dollar. That led the benchmark unit lower, boosting perennially anti-fiat gold and offering a de-facto lift to assets priced in USD terms on global markets, including crude oil.

The move reversed course as trade war worries re-emerged amid speculation that the US would move ahead with $200 billion in additional tariffs targeting China. Shares plunged at the opening bell on Wall Street, arresting the greenback’s decline and pushing it up off session lows. Crude oil and gold prices tellingly fell alongside the bellwether S&P 500The move accelerated as the tariff increase was confirmed.