There is no world where the effectiveness is the same level • I think it is going to be a material drop, not sure by how much • All the scientists I talked to said that "this is not going to be good" • Full interview (may be gated) This seems to be what is triggering the drop in risk trades as I am struggling to see any other notable headlines around this time. If "no news is good news" helped to keep markets calm yesterday, this headline in particular is not exactly encouraging for what we will expect to see in the weeks to follow. Risk trades are starting to see a steeper fall now across the board with the yen, ... (full story)

That is the lowest in almost three weeks as the market is hit with a fresh risk-off wave after less optimistic vaccine comments by Moderna CEO here. We're all trading on virus news now and the latest twist hints at a suggestion of what we could see from the supposed vaccine data in a few weeks' time. As mentioned earlier, there isn't much hurry to buy the dip in risk trades at the moment - especially not when there are many more weeks of these kinds of headlines to navigate through, so expect sentiment to hang on a thread in the meantime. With bond yields being hit, USD/JPY also came close to testing 113.00 again and ... (full story)