Five things traders need to know today

😷 US stocks ended Black Friday and Thanksgiving week around 2% lower on worries of Omicron, a new variant that was first detected in South Africa. European indices took a heavy hit after some EU nations confirmed the cases. Nikkei -3.34% and Australia’s ASX200 -2.46% for the week, while China’s benchmark closed higher.

⏬ WTI crude (SpotCrude) plunged more than 10% last week to $68.87 on Omicron uncertainty, breaking below the 200-day SMA. Brent (SpotBrent) -7.92%. OPEC+ is set to announce its production plan this Thursday. Gold fell for a second week to $1,791.40. Bitcoin traded around $56,000.

💵 The US dollar index (USDX) ended the week unchanged at 95.99 after giving up all the gains on Friday. The yield on 10-year Treasury fell below 1.50% as the expectation of rate hikes fades. Safe-haven JPY and CHF outperformed on the week.

🇪🇺 EUR rebounded from its 17-month low to 1.1313 as the dollar rally eased, correcting the oversold condition on the daily chart. The EU was experiencing a fourth wave of Covid even before the Omicron. GBP closed at 1.3333 near the yearly low.

🌏 Commodity currencies suffered most amid the risk-aversion mood. NZD(-2.63%), NOK(-1.82%), AUD(-1.65%) and CAD (-1.12%) led the decline last week. ZAR (South Africa currency) hit a one-year low against the dollar.

Five things traders need to know today

🙂 US stocks rebounded from Friday’s selloff as worries about the new Omicron Covid-19 variant eased. All 11 sub-sectors under S&P 500 were in red, with tech (+2.64%) leading the gains. Major European indices closed in positive territories.

↕️ Gold continued to struggle under $,1790 and Silver broke below $23. WTI crude (SpotCrude) climbed above $70 as OPEC+ is expected not to increase the output in near future. Bitcoin rose to $58,273.

💰 The US dollar index (USDX) regained 96 as the yield on 10-year Treasury closed above 1.50%. Markets have repriced the 2022 rate hike expectation amid Omicron uncertainty. Safe-haven JPY weakened against the greenback.

💶 EUR ended the day slightly lower at 1.1291 despite Germany November CPI beating estimates with 6%. Eurozone CPI is scheduled for release today. GBP dipped to 1.3314 near one-year low.

🌏 AUD (+0.37%) recovered from three-month low to 0.7141 as the market sentiment turned positive. NZD (+0.18%) ended higher at 0.6823, snapping a six-day losing streak. USDCAD eased to 1.2737.

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https://www.ausbiz.com.au/media/three-themes-for-the-open-fed-changes-tune-risk-off-and-vaccine-effectiveness?videoId=17596

Five thing traders need to know today

😟 Global major stocks ended the last trading day of November sharply lower as FED chair Powell changed the tone of inflation and signalled a faster taper in December. S&P 500 -1.90% on the day and -0.83% for the month, with VIX jumping 67% in November. Omicron uncertainty also weighed on the sentiment. Apple +3.16% and Tesla +0.68%.

🔻 Gold fell to one-month low of $1,774.78 after Powell’s testimony. WTI crude (SpotCrude) tumbled 4.49% to $67.45 on worries of travel demand impacted by the new Covid variant, with Moderna questioning the vaccine efficacy. NatGas -5.6%. Bitcoin was lower at $57,142.

💲 The US dollar index (USDX) dropped to 95.81 on the weak economic data, while the yield on two-year Treasury surged to 0.57% (+17.01%). ADP and ISM PMI data is on radar today. Safe-haven JPY and CHF became the outperformers overnight.

🇪🇺 EUR extended the recovery to 1.1339 helped by stronger-than-expected Eurozone CPI number, despite more EU nations re-imposing Covid restrictions. GBP edged lower to 1.3301, having hit a fresh 11-month low in the session.

🙃 AUD ended the day lower at 0.7128. Aussie Q3 GDP is scheduled for release today. NZD was little changed at 0.6823. CAD was hit hard by lower crude prices and confirmed Omicron cases in Canada.

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Nice graphic from Wells Fargo on potential scenarios of omicron and the implications for different markets

Five things traders need to know today

😷 US stocks suffered the biggest two-day decline since October 2020 after reporting its first Omicron cases, with VIX soaring to the highest since February. Strong ADP employment and ISM manufacturing PMI data failed to boost the market sentiment. Major European and Asian indices closed higher on Wednesday.

🛢️ WTI crude fell to a three-month low of $66.19 on the uncertainty of the new Covid variant. OPEC+ is set to announce its production plan today. NatGas -7.32%. Gold edged higher to $1,781.76 and Bitcoin was down to $57,012.

🤑 The US dollar index (USDX) was higher at 95.95 with the yield curve further flattening. Safe-Haven JPY was the best-performing G10 currency overnight, closing near a two-month high against greenback.

↕️ EUR ended lower at 1.1319, sitting just below the 20-day SMA. The EU unemployment rate is due out today. GBP dropped for a third consecutive day to 1.3272, the lowest close price in one year.

🔻 AUD continued the downward trend to 0.7104 amid the risk-off mood, despite Australia’s better-than-expected GDP in Q3. NZD pushed lower to 0.6806, down for eight of the last nine sessions. USDCAD climbed to the highest level since September.

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Five things traders need to know today

😀 US stocks rebounded on Thursday after two-day Omicron-sparked selloff. All sub-sectors of the S&P 500 increased with industrials and energy leading the gains. The initial jobless claims beat estimates just ahead of today’s nonfarm payroll report. European indices closed the day lower.

🆙 WTI crude (SpotCrude) reversed intraday losses and ended higher at $67.88. While OPEC+ stuck to its plan to increase production in January, it is open to immediate adjustment in a worse scenario. Gold slumped to $1,768.16. Bitcoin closed just below $57,000.

💲 The US dollar index (USDX) climbed to 95.95 as the front-end bond yield continued the rally following FED’s hawkish comments. USDJPY found support at 112.62 amid improved risk sentiment.

🇪🇺 EUR dipped to 1.1301 despite the better-than-expected EU producer prices, with Germany announcing new restrictions on the unvaccinated people. GBP recovered from one-year low to 1.3301.

🌏 AUD extended its decline to 0.7092, the lowest since November 2020. NZD ended higher at 0.6818 as RBNZ may not change its outlook because of Omicron. USDCAD was slightly down to 1.2805, near the key resistance level and two-month high.

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Five things traders need to know today

😀 US stocks ended the week sharply higher as the fear over the Omicron variant faded, with S&P 500 hitting a new record close on Friday and VIX back below 20. Major European and Asian benchmarks posted weekly gains amid the improved risk sentiment.

🛢️ Gold traded within a narrow range last week, closing at $1,782.76 below the 200-day SMA. WTI crude (SpotCrude) rebounded to $72.22, ending a six-week losing streak. Bitcoin was trading around $50,000.

💲 The US dollar index (USDX) dropped to 95.93 last week despite the Treasury yields moving higher. Safe-haven currencies JPY and CHF underperformed against the greenback.

🇪🇺 EUR continued the recovery to 1.1316. GBP ended the week higher at 1.3271 after reaching its one-year low. The ECB and BoE are scheduled to release rate decisions this week, together with FED and SNB.

👍 Commodity currencies were the biggest winners last week, with NOK leading the gains. AUD added 2.46% on the week to 0.7171 and NZD +0.76% to 0.6797. USDCAD closed lower at 1.2724, the first weekly loss since mid-October.

Five things traders need to know today

📉 US stocks retreated Monday on worries of Omicron variant impact, with the energy sector leading the moves and stay-at-home stocks outperforming. European indices were in red while Asian benchmarks closed mixed.

🛢️ WTI crude (SpopCrude) ended lower at $71.37 amid the risk-off sentiment, with China reporting its first Omicron case. Gold edged higher to $1,786.55. Bitcoin extended the decline to $46,883.50 near the 200-day SMA.

🤑 The US dollar index (USDX) climbed to 96.29, while the yield on 10-year Treasury fell toward 1.40% (-4.57%). US November PPI data is scheduled for release today. USDJPY was up to 113.57.

↕️ EUR dipped to 1.1285, struggling with the 20-day SMA. GBP continued the downward trend to 1.3211 after the UK confirmed the first Omicron death. UK’s employment data is on radar today.

🌏 AUD gave up Friday’s gains and closed lower at 0.7133. NZD ended the day at a one-week low of 0.6755. USDCAD jumped above 1.2800 after a four-day winning streak.

Three themes on the radar:

1) Wall Street retreats
2) Inflation red hot
3) Fed on watch

https://www.ausbiz.com.au/media/three-themes-for-the-open-wall-street-retreats-inflation-hot-fed-on-watch?videoId=18071

Five things traders need to know today

😔 Nasdaq tumbled 2.47% Thursday on fear of the earlier and more aggressive rate hikes in 2022. Dow and S&P 500 also closed in red. While jobless claims and Markit manufacturing PMI missed estimates, housing starts remained strong. Major European and Asian indices trended higher.

🌟 Gold rose to a two-week high of $1,799.12. Palladium (XPDUSD) +8.24%. WTI crude (SpotCrude) edged higher to $72.13 as the US oil stockpile decreased sharply by 4.58 million barrels last week. Bitcoin traded near $48,000.

💲 The US dollar index (USDX) dropped below 96 on mixed economic data, trading lower against all major currencies despite FED’s hawkish stance. UST yields were lower across the curve. USDJPY was down to 113.70.

🇬🇧 GBP extended the recovery to 1.3322 (+0.49%) after the BoE unexpectedly raised its rate by 15bp to 0.25% in response to UK’s fastest inflation growth in a decade. EUR jumped to 1.1330 as the ECB is set to reduce the pandemic bond purchase under PEPP in Q1.

🆙 AUD ended higher at 0.7183 on strong employment data in November. NZD was up to 0.6799 as NZ economy contracted by less than expected in Q3. USDCAD pulled back to 1.2774.