Risk-on conditions surged in N.Y. on Wednesday, resulting in a broadly lower Dollar, as safe-haven flows were partially reversed. Solid U.S. data, including a stronger ADP report, a firm Chicago PMI reading, and a surge in pending home sales all had had little impact on the FX market. Wall Street rallied sharply on hopes for a fiscal Covid stimulus package, while Treasury yields headed sharply higher. EUR-USD rallied from early lows of 1.1685 to 1.1752, while USD-JPY dropped from 105.75 to 105.40 before recovering slightly. USD-CAD fell under 1.3310 from opening highs of 1.3395.
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