A risk-on positioning formation has been ensuing in currency markets, which has meant dollar and yen underperformance alongside commodity currency outperformance. The narrow trade-weighted USD index edged out a fresh three-and-a-half month low at 95.62, which is a culmination of a clear three-week downtrend. The euro is trading at modestly softer levels against the dollar and most other currencies, with the forex market looking to have priced-in the green lighting of the EU recovery fund. EUR-USD has settled around 1.1450, below the three-and-a-half month peak seen yesterday at 1.1469.
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