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Monday's Risk Rally Reversed at Expense of AUD, CAD, NOK

FOREX
  • Risk sentiment took a knock during Asia-Pac hours, with Moderna's CEO pouring some water on hopes that the current suite of vaccines would retain effectiveness in the face of new variants. Equities were solid, Treasuries were bid and CHF, JPY gained at the expense of AUD, CAD and NOK.
  • EUR/USD resumes the upswing seen on Friday, with the pair topping 1.1350 as markets continue to work against pricing that sees a Fed rate hike in Q3 next year. The pair's correction also runs counter to the recent multi-month trend of rising equities and rallying US yields, so could suggest further position squaring as another catalyst for the move.
  • Sour oil markets continue to pressure NOK, with the currency touching its lowest level against the USD of the year, despite markets continuing to expect another rate hike from the Norges Bank at the upcoming December meeting.
  • Data due Tuesday includes MNI Chicago PMI, seen moderating to 67.0 from 68.4, with Canadian monthly GDP and November US consumer confidence.
  • Fed's Powell is due to make an appearance alongside Treasury Secretary Yellen, although their policy-specific commentary could be limited as they're due to be testifying on the CARES act relief program. Fed's Clarida could be of more relevance, speaking on Fed Independence at 1800GMT/1300ET.
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