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Currencies Manifest ‘Risk On’ Dynamics
The overall dominance of ‘risk on’ dynamics in financial markets continues to be better expressed through the trading of currencies, where the US Dollar and the Japanese Yen remain on the back-foot, as opposed to the more lethargic yet predominately bullish picture in equities, where the S&P 500 saw a late selloff to end up neutral. Heading into the late stages of Thursday, risk had been on a steady climb amid a sharp fall in US continuing jobless claims (V-shaped recovery anyone?) and renewed positive sentiment that the EU €750bn recovery fund proposal will eventually see the light. However, the gains were ... (full story)