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Risk-Off Currencies Keep Outperforming
What started as a promising day for US stocks last Friday ended up with a reversal in the buy-side flows that sent the S&P 500 back below a critical support area at 3,070.00. More work needs to be done but tentative signs of a new bearish phase are emanating. The constant rise in COVID-19 hot spots across the US (Arizona, Texas, Florida to name a few), alongside news that Apple is taking action by closing stores in some of these most adversely affected areas by COVID-19 did certainly not sit well with Mr. Market. I’ve been warning for a number of weeks now that the out-performance of the Japanese Yen, the ... (full story)