Risky currencies under pressure


The trading week has started with the preoccupying concern that the economic growth has already reached and passed its peak. The risky assets continued to retreat and look vulnerable. Oil tumbled below $70 after OPEC+ countries formalised a deal to increase the production capacity. As a result, the CAD has suffered significantly reaching 1.2800 against the USD - the lowest level over last 3 months. AUDUSD has followed suit by reaching a 6-month low. NZDUSD fell the least due to hawkish statements of RBNZ from the previous week. The Pound can be under a significant pressure this week as the U.K. saw the biggest increase in COVID infections over last weekend. GBPUSD fell over 0.4% in response and approaches a significant support level at 1.3670.