Commodity Currencies Up, USD JPY Down; EU Euro Plan

Note  The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts. 

Rates as of 0500 GMT

Market Recap

It was a riskon mood this morning, with most Asian markets up today some quite strong eg South Koreas KOSPI 2.6, most other markets up 1 . CAD was the bestperforming currency today as the market walked back its plunge from Monday. The currency started the week sharply lower on lower oil prices and a report that Presidentelect Biden would cancel the Keystone XL pipleline bringing oil from Canada to the US on his first day in office, but a general riskon mood and weaker dollar all around brought it back. 

Todays market 

According to Bloomberg, the EU will unveil its plan to strengthen the international role of the euro although I have to say I dont see anything about that on the European Commissions schedule. Bloomberg says the EU is trying to erode the dominance of the dollar and to insulate the bloc from financial risks, including US sanctions. The European Commission blueprint will reportedly outline how the region can fortify its economic and financial resilience by bolstering the single currencys architecture and through growing markets like green finance. 

The problem is that any measures to increase the international use of the euro will of course push up its value too by…

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