2021 is flying by and we could be heading into a volatile March

2021 is shaping up to be a year of optimism as stimulus packages and vaccine rollouts supercharge economies.

It’s why stock markets have been steadily rising, and that positive investor sentiment has a similar impact on certain currencies.

Currently the financial markets are betting on growth stocks, and backing currencies linked to economic upswings in what financial markets refer to as a “risk-on” environment.

If the final days of February are anything to go by, we could be heading into a volatile March.

For most of February, direction was driven largely by recovery expectations, which benefited the pound and commodity currencies (AUD, NZD, CAD) in particular.

Then in the final days of the month, we saw investors move away from riskier equities and currencies, and demand for the US dollar increase.

As we saw last month, changes in investor risk sentiment have the potential to cause significant exchange rate swings, especially for commodity and safe-haven currencies.

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