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Markets in Risk-Off Mode as Lockdown Extensions, Vaccine Ire Weigh

FOREX
  • JPY and USD are among the strongest currencies in G10 so far Tuesday, with growth proxies and antipodeans lagging. AUD and NZD are among the morning's worst performers.
  • EUR/USD saw a sharp spell of weakness alongside the European open, with markets moving in a risk averse fashion as traders digested the extension of the German lockdown restrictions in the face of stubbornly high news cases.
  • Over-arching USD strength has weighed in most major pairs, with GBP/USD breaking below 1.38 to open next support at 1.3779. Further ire over the UK's vaccine supply continues to take focus, with a decision set to be made by the European Union later in the week.
  • Focus turns to February new home sales from the US and a busy central bank speaker slate. BoE's Bailey, Haldane & Cunliffe are due as well as ECB's Villeroy. The Fed docket is busier, with 8 speeches scheduled from Fed members - most notably Fed's Powell, who appears alongside Treasury Secretary Yellen in front of the House Financial Services Committee.

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