Stocks Strong on SA Omicron Data; Commodities, Crypto Stronger
Stocks Rise on Hints that Omicron is Mild; RBA Boosts Aussie
Major Cryptos Down Since Friday; COT Shows 2-Year High in Dollar Bulls
Last Friday’s NFP data showed a strong undershoot in new US jobs created last month, but markets remain relentlessly focused on US inflation and the virulence of the omicron coronavirus variant.
As crude oil falls lower and lower on declining demand, producers agree to increase production anyway.
Likely Omicron Impact Remains Unclear; Turkish Lira Hits Record Low Again
The discovery of the new omicron coronavirus variant and the Fed Chair’s more hawkish tilt on tapering, rates, and inflation have injected volatility and fear into markets – but the outlook is uncertain.
Fed Suggests Benign Omicron May Drive Earlier Tapering End, Removes “Transitory” Language; Omicron Morbidity Remains Unclear; Markets Volatile
Likely Omicron More Resistant to Vaccines, Infectious; Omicron Morbidity Unclear; Stocks Lower; Japanese Yen Strong, Commodity Currencies Weak
Very Early Signs Omicron Manageable; US & Europe Stocks Rebound; Japanese Yen Strong, Commodity Currencies Weak
FOMC Minutes Have Little Effect; US GDP Slightly Undershoots; USD/JPY at 4-Year High; EUR/USD at 1-Year Low
US Preliminary GDP data released earlier today shows the US economy is growing at an annualized rate of 2.1%, slightly lower than the 2.2% expected by analyst consensus.
Lira Plummets as Erdogan Insists on Low Rates; RBNZ Hikes Rates; USD/JPY at 4-Year High; EUR/USD at 1-Year Low
As President Erdogan speaks on interest rates, the Turkish lira falls by more than 15% within a single day, prompting several Forex brokers to suspend all trading in the currency.
Dollar Rises on High Yields; USD/JPY at 4-Year High; EUR/USD at 1-Year Low