It’s been all about wearing the ‘risk on’ hat and go with the flow as the market appears unfazed by geopolitical rhetoric picking up between the US and China to instead focus on the re-opening of economies. So, where do we stand? We are in the midst of an environment dominated by the appreciation of growth/commodity-linked currencies (AUD, NZD, CAD) while the ones associated most intimately with risk-off flows (JPY, USD) are taken to the woodshed. Sandwiched in between we find the EUR and GBP, the latter being lifted quite aggressively too as BoE had a rethink on negative rates. Firstly, a special mention deserves ... (full story)