Deutche Bank is out with this chart highlighting how various assets performed in August, with all adjusted to USD. Notably, it was the US currency that was a drag, as the Dollar Index fell 2.2% in the month following Trump’s war on the Fed and economic data, along with the poor July jobs report on August 1.

Oil struggled again in the month while it’s been a banner year for European stocks, with China increasingly catching up. Gold and silver are also having a moment.