Today’s Notable Sentiment Shifts
USD – The dollar slid on Monday, after posting its biggest weekly rise in more than two months last week, as markets embraced a risk-on mood with weak data suggesting the Federal Reserve is unlikely to quickly remove its accommodative monetary stance.
OANDA summarized the market’s current thought, noting that “markets have concluded there’s not going to be a “taper tantrum” like in 2013. Fears the Fed would tighten monetary policy caused interest rates to spike at the time. Despite the inevitable announcement of tapering at some point this year, it’s going to be very slow and it’s not going to signal any imminent rate hikes at the end of next year.”
High-Beta – The Australian and New Zealand dollars pulled away from 9-month lows struck last week, with their high-beta counterpart – CAD – also broadly well support by buoyant sentiment in equity and commodity markets, which helped moderate worries over rising COVID-19 infections, particularly in Australia and New Zealand.
OANDA summarized the market’s current thought, noting that “markets have concluded there’s not going to be a “taper tantrum” like in 2013. Fears the Fed would tighten monetary policy caused interest rates to spike at the time. Despite the inevitable announcement of tapering at some point this year, it’s going to be very slow and it’s not going to signal any imminent rate hikes at the end of next year.”
High-Beta – The Australian and New Zealand dollars pulled away from 9-month lows struck last week, with their high-beta counterpart – CAD – also broadly well support by buoyant sentiment in equity and commodity markets, which helped moderate worries over rising COVID-19 infections, particularly in Australia and New Zealand.
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