The dollar and yen have softened against most currencies, while the euro has been topping the top-performing list. This dynamic has come amid risk-on positioning in global markets. Encouraging news on the U.S.-China Phase 1 trade deal, and on developments of COVID-19 treatments and vaccinations, have been tonic for investors. EUR-USD lifted to the mid 1.1800s, posting an intraday peak at 1.1843, which is 60 pips up on Monday’s New York closing level. The euro has also rallied against the yen, which is the day’s biggest loser, and most other currencies.

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