The "indefinite suspension" of tariffs on Mexico notwithstanding, trade tensions have not abated in earnest.
Risk assets were obviously on the front foot Monday thanks in part to President Trump's decision not to pull the tariff trigger on America's southern neighbor and, naturally, the risk-on mood manifested itself most poignantly in the best day for the Mexican peso in a year.
(Heisenberg)
At the same time, trade-sensitive equities surged. Semis (SOXX) rallied hard and auto stocks rose for a sixth session in a row (seven including Tuesday's early gains).
Broadly, the S&P (SPY)