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Haven FX Hit as Biden Assumes Office

FOREX

Haven currencies were sold Wednesday, with CHF, USD and JPY trading poorly as equities globally rallied in response to the smooth inauguration of Joe Biden as the 46th President of the US.

EUR also traded poorly, undoing much of the Tuesday rally to zero in on the week's lows at 1.2054, but a resumption of USD weakness kept the technical picture in tact. Nonetheless, the bearish risk clearly remains present, allowing overbought conditions to unwind.

While the Bank of Canada kept rates unchanged, CAD managed to hit new multi-year highs vs. the USD at 1.2606 as the Bank declined to utilise any form of 'micro' cut to interest rates to manage policy. The Bank also appeared upbeat on growth in the second half of 2021, leaving unchanged as the most likely path for policy at this juncture.

Focus Thursday turns to Australia's December jobs report, weekly US jobless claims data and central bank decisions from Japan, Indonesia, the Eurozone, South Africa and Turkey.

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