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Biden Win Boosts Sentiment

FOREX

The risk switch has been flicked to on in early trade, after Joe Biden became the U.S. President-elect, although incumbent President Trump's legal actions & January run-off Senate elections in Georgia provide remaining sources of uncertainty. High-beta FX have topped the G10 scoreboard, with safe havens bringing up the rear.

  • EUR struggles for any impetus. A contact flagged Japanese selling of the Eurozone's shared currency around the Tokyo fix.
  • NZD/USD tested its 19-month high printed last Friday, but has failed to push through the level. The rate continues to operate just a handful of pips shy of there.
  • TRY rallied at the re-open after the departure of CBRT Gov Uysal & Turkish FinMin Albayrak. The reshuffle was seen as a signal of a potential shift in Turkey's economic policy, with the lira seemingly happy with the nomination of ex-FinMin & market-friendly technocrat Agbal as the new CBRT chief.
  • Another fresh cycle low for USD/CNH, which has continued to move lower after punching through the CNH6.60 mark last Friday. The PBoC fix is due shortly.
  • Likewise, USD/KRW has been offered, as positive risk appetite has applied pressure to the pair. The rate operates at its worst levels since Feb 2019.
  • Today's economic docket is rather light, features German trade balance & comments from Fed's Mester & Kaplan, ECB's Lagarde, Rehn & Mersch as well as BoE's Bailey & Haldane.
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