Another week, another politically charged market. This one was dominated by President Trump and the Supreme Court ruling on tariffs, which injected yet more uncertainty into an already fragile backdrop. Just when traders thought they had a handle on the trade narrative, the legal twist forced another round of repositioning.
Here is a breakdown of how this uncertainty is playing out across the major asset classes and how to navigate it.
Equities: A Market Without Conviction
US stocks were choppy throughout the week. The S&P 500 spent most of its time moving sideways and looks set to close not far from where it started. Right now, there is no panic, but there is no conviction either. When trade policy remains unclear and the interest rate path is still heavily debated, big money tends to hesitate rather than press risk.
Forex: The AUD/GBP Divergence & Flat Dollar
While it was a reasonably quiet week in Forex overall, there were clear areas of opportunity for those paying attention.
The Australian Dollar (AUD) Leads: The Aussie was the strongest currency in the G8 pack, driven by ongoing hawkish commentary from the Reserve Bank of Australia (RBA). Markets are still pricing in a relatively tight stance compared to other central banks, keeping the AUD well-supported.
Sterling (GBP) Slides: The British Pound was the weakest of the bunch. Sluggish GDP, rising unemployment, and a heavy Labour loss in a recent by-election have added pressure and raised questions about UK political stability.
US Dollar (USD) Stalls: The greenback traded broadly flat on the week. Despite the tariff noise and geopolitical tension, markets are still on the fence about the Fed’s next move. With cuts not aggressively priced and no fresh tightening cycle expected, indecision has kept the dollar contained rather than trending.
The PropIQ Edge: As I often say in my teachings, trading is not about predicting the future; it’s about identifying an edge and allowing that edge to play out. Buying strength and selling weakness gives you that edge. Going long a strong currency like the AUD and short a weak one like the GBP tilts probability slightly in your favour. If you look at our PropIQ Momentum Meter, the picture is clear: strength at one end, weakness at the other. That’s where opportunity lives.
Commodities: Gold Shines and Oil Jumps
Gold (XAUUSD): Gold continues to command attention. It is set to end the month up around 18%, although it remains roughly 8% below the all-time highs reached at the end of January. Ongoing tariff uncertainty and periodic safe-haven flows have supported demand. The fact that gold is holding these gains despite elevated US interest rates tells you that geopolitical risk is still very much a part of trader psychology.
Oil: Crude has been heavily influenced by US-Iran tensions. Any hint of escalation immediately builds a risk premium into the price, particularly given the importance of Middle East supply routes. Prices have been reactive all week, swinging between geopolitical fear and broader growth concerns.
Bitcoin: Drifting in a Risk-Off Trade
Bitcoin ends the week slightly weaker, reflecting the broader risk-off tone. It is not collapsing, but it is not attracting aggressive upside either. When the dollar firms and macro uncertainty rises, crypto tends to lose momentum. For now, it feels much more like consolidation than breakout territory.
The PropIQ Lesson: Discipline in the Noise
We currently face political uncertainty from tariffs, geopolitical risk from the Middle East, cautious central banks, and markets that are highly sensitive to every headline. That combination rarely produces calm conditions.
This is exactly the kind of environment where discipline matters most. At PropIQ we always say the same thing: ignore the noise, trade your levels, follow the structure, and always use stops. Keep your risk controlled, avoid stacking correlated positions, and always protect the account first.
Good trading for the week ahead.
Andrew
Disclaimer
This market commentary is provided for educational and informational purposes only. It reflects the opinions of the author at the time of writing and should not be taken as financial or investment advice.
Funded Trading Plus operates evaluation and simulated funded challenges, not live trading accounts. All references to trading, strategies, or market opportunities relate to simulated trading environments. Past market performance or individual trader results are not indicative of future outcomes.
About Andrew Lockwood
Andrew Lockwood is a seasoned professional trader with over 40 years of experience in financial markets. Starting his career on the floor of the London International Financial Futures Exchange (LIFFE) in the 1980s, Andrew has traded through multiple market cycles and volatility regimes. Today, he specialises in prop trading strategies, focusing on technical setups, risk management, and trader psychology. As the founder of PropIQ and a leading mentor, Andrew is dedicated to training the next generation of prop traders with proven, real-world trading methods.