The recent risk off moves from Nov 30 where on two things. Firstly, Omicron uncertainty. Secondly, fears the Fed would make a policy mistake. Both those fears are not gone, but are less prominent.
This is helping risk. Equities are up, volatility is down, yields are flat (but that's good in context), AUD, CAD, NZD all up and CHF & JPY lower. Risk pairs say it all and putting in some decent gains above near term trendline breaks. NZDJPY looks very cheap if these risk on tones can continue.
