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Risk Rally Carries On

FOREX

Risk rally powered ahead in Asia amid unwavering hope that the global Covid-19 vaccine rollout will fuel economic recovery. High-beta currencies received a boost, with NZD & NOK leading gains in the G10 basket. Oil market dynamics provided further support to commodity-tied FX, as crude extended gains stemming from supply disruptions in the U.S. NZD/USD rallied through its recent highs, printing best levels since early Jan, while AUD/NZD snapped its eight-day winning streak.

  • Safe haven currencies took a beating and the yen lagged all of its G10 peers after underperforming on Monday. USD/JPY returned above its 200-DMA and kept narrowing the gulf separating it from Feb 5 multi-month high, even as the greenback softened against all other G10 currencies.
  • Sterling remained buoyant amid optimism surrounding the UK's Covid-19 vaccination programme. UK gov't said it will publish its plan for relaxing restrictions on Feb 22, with PM Johnson noting that "we want this lockdown to be the last."
  • USD/CNH staged a brief foray towards the psychological CNH6.4000 barrier but was limited by support from yesterday's low of CNH6.4009. As a reminder, the U.S. was off for a public holiday on Monday, while Chinese markets remain shut for LNY.
  • Today's data docket includes flash EZ GDP, German ZEW Survey & U.S. Empire M'fing, while central bank speaker slate features Fed's Kaplan, Bowman, George & Daly.
Energy BulletsCommodities
Energy BulletsCommodities

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