In 2020 the market was driven by headlines and politics, but we are now starting to see a return to economic data driving the market.

We expect the below key themes to emerge this month: 

• Currencies are not currently following 2020 trends which saw safe-haven currencies move in opposition to ‘risky’ currencies and equities. Instead, they are following leading indicators of economic growth.
• The scale, speed and efficiency of COVID-19 vaccine rollouts is an important factor driving direction of the major currencies.
• Market participants are showing sensitivity to any central bank releases or economic data that undermines the narrative of economic recovery, either could put downward pressure on currencies.

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