An explosive start to the week with U.S. and European equity futures trading well in the green and with prices stabilizing, that too is providing a primary pipeline for “risk-on” to gush this morning in Europe.
Extremely encouraging virus infection statistics from around the world see investors throw their weight behind the COVID-19 flattening curve.
A few more of these sessions and we could nearly believe the crisis is over albeit Trump warning of more doom to come and Jamie Dimon heralding in a Bad Recession both echoing that a 2008 crisis lies ahead.
, , and Singapore are all up 1-2%. is the only place where we started well but drifted lower. But that was prior to the rather risk-friendly .
The benign conditions in the equity markets are just what the doctor ordered for the FX markets and are triggering an unwind of long USD risk-off hedge positions, which is adding to the positive vibe.
In a further…