The dollar and yen lifted moderately against most other currencies, breaking their usual inverse correlation with stock markets, which rallied in Europe and Asia. The biggest losers out of the main currencies were the pound and the Australian dollar, which were both showing declines of about 0.3%-0.4% at the lows. EUR-USD ebbed to a low of 1.1795, which marked a near 50% retrace of the gain seen on Friday. ECB chief economist Lane said that the surge in Covid cases in Europe, and the resulting restrictions, puts a question mark over the economic rebound.

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