The Oceanic currencies outperform in the forex market

This Tuesday sees the revival of risk appetite conditions as clearly portrayed by the outperformance of the commodity-linked currencies complex. In order of strength, the Kiwi, the Aussie and the Canadian Dollar were the currencies delivering the strongest gains.

On the flip side, we had an almost analogous negative performance by the rest of currencies. The USD, Euro, Yen, Swissy and Pound, all fell at an index level, within 0.20% to 0.30%.

This time around, the overall daily performance in Forex matched to perfection customers buy-side interest in risky currencies through the London session. When the EOD (End Of Day) percentage moves are roughly the same as the London-led fluctuations, the conviction in pushing certain currency trends should be quite high.

The revelation of more encouraging news about the success of a vaccine, this time by Moderna (94.3% effective in trial III phase), was the clear inflection point re-invigorating the ‘risk-on’ dynamics. The news followed similar results last week by Pfizer/BioNTech.