FX markets still suspect Trump is bluffing

It's been a lousy start to the year for Wall Street, but any notion that a global trade war is fully priced by investors seems fanciful. Just look at currency markets. If you've lost track of what the U.S. administration's trade plan is currently, then rest assured that you're not alone. President Donald Trump's strategy ebbs and flows by the day amid periodic insistence that every country is going to pay, only to revert to seemingly random exclusions or added complexity via sectoral and national caveats. Slightly punch drunk, financial markets have reverted to behaving like a metronome: "risk on"…