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Dollar Losing Its Early Gains Amid Positive Risk Tone

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During the Asian session, the market mood was positive with Asian indices traded mostly higher, higher in yields, and weaker in safe-havens.

In the FX markets, the positive risk tone has weighed on the USD with the DXY index almost flat for the week. Also, the safe-haven JPY and CHF remained pressured against their counterparts especially the antipodeans, which are benefitting from the risk-on tone and firmer commodity prices.

Ahead of the European session, we expect the overall risk tone to remain in focus, alongside factors such as US fiscal stimulus, the coronavirus outlook, and the global economic outlook.

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