![]() ![]() The biggest threat to a reversal from its highs is if the Omicron variant is not as bad as originally feared, oil demand forecast pick up to see oil and the Canadian dollar rally and USD/CAD falter. It might take some surprisingly hawkish comments from RBA today to lift it any further, which would be uncharacteristic of them to say the least.įriday’s close above the August high was short-lived for USD/CAD as it closed the day with a bearish engulfing candle overnight. Yet pull up a chart of AUD/USD and you’ll see a pair that has likely seen a sympathy bounce from 70c ahead of its likely break below it. The slight risk-on tone allowed the Aussie and Canadian dollar to recoup some of last week’s losses. ![]() Dr Fauci echoed earlier reports that symptoms from Omicron may not be as severe as originally feared, even though cases have now been detected across one third of US states. What began as cautions optimism in Asia had a bit more follow-through I the US session, with Wall Street indices paring more of Friday’s losses with bond yields and oil prices also rising. The Dow Jones Industrial rose 646.95 points (1.87%) to close at 35,227.03.Europe’s Euro STOXX 50 index rose 56.96 points (1.4%) to close at 4,137.11.China’s A50 Index futures are up 157 points (1%), the cash market is currently estimated to open at 15,821.59.Hong Kong’s Hang Seng futures are up 387 points (1.66%), the cash market is currently estimated to open at 23,736.38.Japan’s Nikkei 225 futures are up 240 points (0.86%), the cash market is currently estimated to open at 28,167.37.Australia’s ASX 200 futures are up 30 points (0.41%), the cash market is currently estimated to open at 7,275.10. ![]()
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