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Forex Technical Analysis
The USD/MXN climbed to new highs going into the weekend, and the Forex pair in early trading today is sustaining its higher value range.
After selling off due to the recovery of the US dollar, the gold price fell to the support level of $1778, but with the emergence of the new variant from South Africa, European countries re-imposed restrictions, despite the strong vaccination rate.
A state of risk-aversion prevailed in global financial markets at the end of last week’s trading amid decisions by countries around the world to impose restrictions due to a new variant of the Corona virus that resists available vaccines.
The British pound suffered heavy losses against low-yielding and safe-haven currencies before the weekend after a new strain of the virus led to panic in global financial markets, which could have various repercussions for the GBP, the EUR and the USD.
The pair avoided the bearish weekly closing, but it did not change the general trend, which is still bearish.
USD/ZAR: Omicron Shakes South African Rand Quickly Upwards The USD/ZAR has surged higher, building on mid-term bullish momentum which already existed, and speculators need to be prepared for more volatility.
Yet further risk-off sentiment is likely to hurt Bitcoin.
Silver markets fell pretty significantly on Friday, as we had seen a lot of “risk off behavior” around the world.
The West Texas Intermediate Crude Oil market was decimated on Friday, as traders got rid of anything related to the reopening trade.
The US dollar rallied significantly on Friday in a major “risk off” move.
The FTSE 100 crashed on Friday as traders ran for cover due to the coronavirus variant news coming out of South Africa.
Gold markets initially rallied on Friday but gave back gains as the World Health Organization held an emergency meeting due to the South African COVID variant.
The S&P 500 fell hard on Friday as we received news that a new variant of coronavirus has hit South Africa.
The NASDAQ 100 fell rather hard on Friday in what were limited trading hours.
Bitcoin fell apart on Friday, as markets around the world got hammered due to the news coming out of South Africa.