XE Market Analysis: North America – Nov 16, 2020

The dollar has softened, and cyclical currencies have firmed as the MSCI Asia-Pacific equity index rallied over 1% to its highest level since its inception in 1987. Japan’s Nikkei 225, which has been an investor favourite in the ‘great rotation’ into cyclical stocks, resumed its outperformance, rallying over 2% to a new best since 1991. Europe’s Stoxx 600 gained more than 0.7%, though remained shy of last week’s eight-month high, and the S&P 500 E-mini rose by nearly 1%.