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JPY Trades Heavy as Stocks Surge to ATH

FOREX

JPY was comfortably the poorest performing currency in G10 Tuesday as global equity markets started the month with a bang, resulting in US equity futures hitting new all time highs shortly after the open. The moves followed further signs that US lawmakers could be ceding ground and a compromise is within reach for a further package of fiscal aid during the lame duck period of Trump's administration and before Biden assumes office in January.

Brexit shenanigans drove GBP once more, with Times Radio reports that UK/EU negotiators could be aiming to secure a trade deal by the end of the week - although MNI sources refuted such a claim, claiming that this weekend could be too soon. GBP/USD unsurprisingly rallied on the news, but gradually pared gains into the US close.

Focus Wednesday turns to Australian GDP and US ADP Employment Change. Speakers include Fed's Powell appearing in front of lawmakers for a second time, Fed's Williams and BoE's Haskel.

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