In the absence of any significant news or major data, the foreign exchange market appears to be driven by a resurgence in risk appetite that emerged during the early Wednesday session in Asia and is spreading globally, with the DAX hitting an all-time high this morning. The bullish sentiment is driven by a positive earnings season so far, as well as by the reassurance provided by the Chinese authorities in relation to the handling of a virus outbreak, which some believe could potentially trigger a global pandemic.
The optimism on markets is reflected in the weak performance of safe-haven currencies, with the Yen and the Swiss franc both losing ground to the euro, especially the latter, which is down by 0.35% against the single currency.
