Politics dominated global markets as the dollar weakened after the president-elect called the U.S. currency “too strong” and the pound rallied on British Prime Minister Theresa May’s plans to leave the European Union. Bonds advanced with gold.

The greenback fell against most peers after Donald Trump told the Wall Street Journal its value is too high in part because China holds down its own currency. Sterling headed for its biggest gain against the dollar since the global financial crisis and the Bloomberg Commodity Index rose to the highest since July on a closing basis. U.S. stocks retreated, while European shares recouped earlier losses.

“The dollar is the guiding light at this point, and all eyes are on the shape U.S. policy will take,” said Fredrik Nerbrand, global head of asset allocation at HSBC Holdings Plc in London. “I would put today’s dollar weakness down to noise rather than a structural shift. If Trump wants to become as growth-generative as he’s planning to be and you don’t have the same fiscal push coming from the rest of the world, then it’s a question of where does the capital flow to. The dollar is the tallest pygmy.”

There’s no end in sight to the impact of Brexit and Trump, twin themes which have dominated markets this year and last. Traders are puzzling over the meaning of the president-elect’s comment ahead of his inauguration Friday, while May’s confirmation that parliament will get a vote on the final Brexit deal added to the pound’s momentum against the greenback.