The dollar has started the new trading week slightly on the backfoot, with a slightly improved appetite for risk forming this morning. After causing a stir last week on a pause in its vaccination trials, the AstraZeneca/Oxford University collaboration for a COVID vaccine has resumed. Although there has been little real move through bond markets, there is a mild improvmenet in equity markets and the dollar is slipping back. This move may be tempered due to comments from Repbulican leaders over the weekend that suggested a fiscal package agreement seemed to not “look that good right now”. Having digested a dollar rebound and equities decline in recent weeks, broad markets have begun to form ranging conditions in recent sessions and this looks set to continue today.
Wall Street closed a mixed session just a shade higher on Friday with the S&P 500 +0.1% higher (at 3341). US futures are though pulling decisively higher with the E-mini S&Ps +1.1%. Asian markets were higher overnight with the Nikkei +0.6% and Shanghai Composite +0.3%. European markets look towards mildly positive early moves with FTSE Futures +0.1% and DAX Futures +0.4%. In forex with a better feel to risk appetite