We had a classic global flight to safety with no particular catalyst once again but rather a range of worries for Mr. Market. The usual suspects (USD, JPY, CHF, Gold) were the main risers while commodity-linked currencies (AUD in particular) and the GBP fell sharply amid the sell-side flows in equity indices since Europe. Media outlets are attributing the latest selloff to the tougher stance by a handful of European countries in re-imposing antivirus restrictions, underwhelming vaccines news as the WHO stated that the Remdesivir treatment had little effect on Covid-19 mortality, plus the well-known disagreements in ... (full story)