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1.1724
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47 085.73
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1.3726
USD/JPY
109.9930
USD/CHF
0.9326
USD/CAD
1.2774
EUR/JPY
128.9558

SquaredCommentary: 29th January 2021


29 January 2021

It still feels like we are in a market dominated by risk reduction, even after the small bounce in sentiment and USD pull back.  The markets are struggling to see the upside even with positive vaccine news.  Time to check exposure.

Drivers


A new vaccine from Novavax was effective in trials in UK and South Africa although the effectiveness appeared to be reduced in South Africa due to the mutated variant of the virus. AstraZeneca is currently conducting tests on the efficacy of their vaccine against the variant in South Africa, results should be known next week. Pfizer’s studies showed that their vaccine is effective against both UK and South Africa variants and that neutralization was only slightly lower against the South Africa variant, not a significant reduction in effectiveness.

With the slight reversal and USD pulling back it feels as though the rally in AUD and growth currencies in general provides an opportunity to get short as risk off sentiment persists.  For AUD in particular the moves from the PBOC to drain liquidity from the system, the turn lower in Iron Ore and continued Equity volatility should put pressure on AUD


Numbers to Watch

Market Updates

Rony Nehme - Chief Market Analyst at SquaredFinancial


Rony has over twenty years of experience in financial planning and professional proprietary trading in the equity and currency markets. Prior to joining SquaredFinancial, Rony educated and coached numerous traders helping them find their edge and arming them with proven trading methodologies to successfully battle the markets. Rony obtained a B.S. in Finance from Concordia University in Montreal, and his professional designations include Certified Financial Planner CFP® obtained from the Canadian Securities Institute.

#source

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