US dollar buying ebbs even with stocks touching a new low

Dollar sellers arrive

Dollar selling has picked up after Europe closed for the week. USD/CAD is about 30 pips off the highs even with stocks near the lows.

This could be FX leading a turn in the risk trade or it could be flows.

I’m sympathetic to the idea that the US can uniquely under-perform because the virus is hitting the US so much harder than other developed countries. The bond market is also weighing, with US 2-year yields down 2 bps to 0.16%.

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