CIBC FICC Strategy: FX Files – Busy Week Ahead

FICC Strategy Reports

Into the start: Tepid gains for risk so far given Fauci’s comments over the weekend.
North American equity futures are up, in sync with the move in European indices.
UST are underperforming relative to other core rates.
Prompt crude is recovering with both WTI/Brent up around 2% as I type this. The same is NOT true for Natural gas with prompt HH contract down over 7% so far.
In FX, commodity FX is recovering somewhat (ZAR, AUD, NZD and CAD are amongst the outperformers overnight) while the funders lag.

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