SUMMARY: USD Lower As Risk Grinds Higher, Oil Spikes

Risk is trading back on the front foot today with Equities reversing from yesterday's lows, spurring fresh Dollar selling and a reversal of yesterday's safe haven rally.

• The Dollar Index was steadily lower throughout the session and has picked up some momentum to trade just above most recent lows at 89.43.
• AUD (+1.3%), NZD (1.1%) and CAD (+0.87%) have been the main beneficiaries of the improved sentiment in the G10 space.
• Less pronounced moves were witnessed in EUR and JPY which were both boosted around 0.4% in a slow grind throughout the session. EURUSD is currently trading just below 1.2310 which has been notable resistance over the past week and remains the bull trigger for another leg higher.
• Cable was off the lows in line with a weaker USD, however, seems to be struggling for momentum as the UK logged another record daily Covid Case count of over 60,000.
• OPEC - reports emerged that OPEC+ members have agreed to broadly maintain production levels around their current amounts for both February and March. Most recently *Saudis to cut 1m b/d oil unilaterally in Feb, March has seen WTI Crude back above $50 a barrel for the first time since February.
• Both EURSEK and EURNOK (benefitting from the rebound in oil) are trading at the lows of their daily ranges, down 0.5%.