XE Market Analysis: North America – Feb 18, 2021

Both the dollar and U.S. Treasury yields have settled off their recent highs, while global equity markets have come off the boil as investors take stock in the face of lofty valuations. The reflation trade remained alive and kicking in commodities, however, with copper and other base metals surging to fresh multi-year highs, buoyed by demand on Chinese exchanges, which reopened after their week long hiatus for the lunar new year holiday. Oil prices also clocked a new 13-month peak.