The final day of the week finds forex markets in risk-off mode with both the Japanese yen and the US dollar firmer but others, including the Euro, commodity dollars and emerging markets currencies trending weaker. Among commodities themselves, geopolitical risk and benign inflation are sapping demand.

• JPY and USD firm, EM, EUR, commodity dollars weak
• A lot of volatility in commodity dollars
• Mueller investigation looks at Trump's businesses for Russia connections
• Mueller probe could become more sensitive and explosive
• Geopolitics, trade war risks and benign inflation sap commodity demand 
• Third weekly loss on BCOM with key markets range-bound
• Crude oil remains stuck with rising US production being offset by robust demand
• Gold on the defensive – it usually weakens before a Fed rate hike