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, 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. European and U.S. index futures also rose, with the S&P 500 E-mini rising by nearly 1%. The risk-on theme has been less pronounced so far today.
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