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Citi Wealth Insights

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Another mixed session for risk overnight with new vaccine and fiscal stimulus hopes offset by US coronavirus, US – China concerns

G10FX: In what is now becoming an all too familiar pattern, risk assets and USD once again see-saw intraday during the US session overnight with the S&P500 turning positive for the year to reach a high of 3235 (accompanied by a weaker USD) only to end down nearly 1% (and USD up) by session end.
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Another mixed session for risk Friday with new vaccine hopes offsetting US coronavirus, election & US – China concerns

USD: Friday’s session typifies the tactical nature of risk sentiment more recently with a decidedly negative tone earlier in the Asian and European sessions turning positive into the NY session.
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Demand for Safe Havens could Continue

Uncertainties and bouts of risk aversion could keep safe haven currencies like gold and JPY in demand. With the US Federal Reserve on alert to address USD supply / demand issues, monetary stimulus may pose headwinds to the USD, leaving it not quite the safe haven it used to be.
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Risk sentiment continues to consolidate amidst recovery prospects/ policy boost vs number of headline risks emerging

GBP: A significant fiscal boost with more to come – Sterling gets a boost as the UK Chancellor notes the government is moving to stage 2 in its economic policy response to Covid 19 with a focus on stimulating demand and protecting jobs.
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Risk rally takes a pause as investors reassess pace of the uneven global recovery amid 2nd wave fears

USD: As the tactical risk environment continues to unfold, a more risk negative backdrop overnight with weaker performances in US, European and Asian European shares over the past 24 hours.
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Risk rally extends on global recovery prospects, more optimism on EU’s joint fiscal response via its Recovery Fund

USD: A strong start to H2’20 as risk extends gains on recovery prospects amid stronger data while ignoring the rising coronavirus tally in the US
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