The US dollar was at 89.935 by end of last week and is weakened by more than 2% YTD. The US dollar was a loser on concerns from trade divergence escalation, leaving the Fed‘s indication of about four rate hikes being ‘gradual’ behind.
Pound was equal to $1.3802 by end of last week and had surged by more than 2% YTD. The pound holds steady as UK construction sector shows muted growth.
Euro was equal to $1.2317 by the end of last week and surged by close to 3% YTD. European politics come back to the fore as Italians choose a new government and the decision of Germany’s Social Democratic Party membership.
The yen was at 105.75 against the US dollar and strengthened by close to 6% YTD. The yen has emerged as a clear winner from the concerns from trade water escalation. The potential hit to US and global growth from protectionism has buoyed the yen.
The Swiss franc was at 0.9374 against the US dollar and has strengthened by close to 4% YTD.
The Australian dollar was equal to US$0.7760 by end of last week and was flat this year. The Australian dollar is facing increasing headwinds in the months ahead now as the short-term interest rate outlook has deteriorated. 
The Indian rupee was at 65.16, South African rand at 11.92, Brazil real at 3.25, Russian rouble was at 56.81 and Chinese yuan was at 6.34 against the US dollar respectively by end of last week.
Most of the emerging economies currencies have strengthened against the US dollar this year till the end of last week, except the Indian rupee, which has weakened due to domestic trade deficit and a surge in US bond yields.
However, currencies of steel-producing and commodity-linked economies, namely South Africa rand, Russian rouble and Chinese yuan, little bit weakened against the US dollar last week.
WTI was at $61.25 a barrel and Brent was at $64.37 a barrel by end of last week. WTI is up by more than 1% YTD and Brent is down by close to 4% YTD this year.
Oil had erased most of the gains it had made since the start of the year as fears of swelling stockpiles, bundled with record levels of production in the US threatened efforts by the Organisation of Petroleum Exporting Countries (Opec) and its allies to curb a global oversupply.
Natural gas was at $2.695/mmbtu. Natural gas is down by close to 2% YTD. Moderate heat during mid-march could curb demand for natural gas heating hence the rally is not happening much.
Gold price was at $1322.75/ounce by end of last week and silver was at $16.52/ounce by end of last week. Gold surged by more than 1% YTD and silver down by more than 2% YTD. Following comments from new Federal Reserve chairman Jerome Powell last week that further rate hikes are to be expected, gold was little down. However, trade divergence concerns pushed the yellow metal up. 
Copper was at $6863.5/tonne by end of last week. It has fallen by close to 5% YTD. Aluminium price was at $2138.75/tonne by end of last week. It has fallen by more than 5% YTD. Copper and Aluminium, which had rallied in 2017, corrected a bit this year as trade divergence concerns emerge.
Nickel price was at $13,403/tonne by the end of last week and had surged by more than 5% YTD. Nickel surge is due to the continuing positive demand. China, the world’s top nickel consumer, is expected to ramp up imports, as environmental regulations put in place by the government have shut down capacity in the Asian country.
Corn price was at $3.85/bushel by end of last week. It had surged by more than 7% YTD.
Wheat price was at $5/bushel by end of last week and had surged by more than 13% YTD.
Soybean was at $10.60/bushel by end of last week and had surged by more than 11% YTD. Weather woes and weak dollar gave a boost to agricultural commodities.
Cocoa was at $2313/tonne by end of last week and is up by more than 22% YTD. Cocoa prices climb as dry weather threatens African crop.
Coffee was at $122.20/pound by end of last week and has fallen by more than 5% YTD.
Sugar was at $13.42/pound and has fallen by more than 10% YTD. Concerns about big harvests of coffee and sugar due to favourable weather conditions helped drag down the prices.
We need to be more alert on the upcoming developments pertaining to global trade as the trade divergence could impact currency and commodity market dynamics.

* Dr R Seetharaman is Group CEO of Doha Bank.