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2021-12-03 • Updated
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Forex
The US dollar was rallying for a long time, driven by expectations for soon Fed tapering but then dropped because of the uncertainty over omicron. The appearance of the new virus variant shook the markets and led to a surge in demand in safe-haven currencies such as the Japanese yen and the Swiss franc. Besides, omicron raised concerns that the US central bank can delay a rate increase and add to the USD's fall. However, Fed Chair Powell signaled his intention to taper faster, and it supported the USD. Now, traders eagerly await the FOMC meeting on December 16. For now, EUR/USD is likely to continue trending down. The key support level is 1.1200. If it breaks it, it may fall to 1.1100.
Stocks
S&P 500 has reversed up from 4500. If it manages to break above the resistance level of 4550, it may jump back to 4700. Pfizer and Moderna reacted first to the new Covid-19 variant, omicron. As a result, Pfizer rocketed to the record high while Moderna surged above $375 for the first time since October. The movements in the stock market highly depend on the omicron spread and vaccination progress.
Oil
Crude oil keeps falling. XBR/USD (Brent oil) dropped below $70 for the first time since August, while XTI/USD (WTI oil) fell below $65. Why? The US and other countries released millions of barrels from their reserves, and also the new coronavirus variant raised concerns over oil demand. If the current tendency remains, XTI/USD may drop to $62, XBR/USD – to $65.
The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
What happened? US stocks ended sharply higher on Thursday, May 27, after a 7-week losing streak…
Next week, we expect the BOC rate statement, the OPEC+ meeting, and the Nonfarm payrolls release. Let's look at the opportunities in detail!
Amazon announced the company is going to make a 1 – 20 stock split on June 3 after the trading session close (23:30 GMT+3).
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