Crude oil succumbed to negative headlines about the Omicron variant being resistant to vaccines. Can prices recover to prompt action from OPEC+ on Thursday?
U.S. stocks gave up the large gains posted in the morning and ended the day sharply lower amid strong risk aversion after the CDC confirmed the first Omicron variant case in the country.
Recent developments in the Relative Strength Index (RSI) indicate a further appreciation in USD/CAD as the oscillator climbs above 70 to push into overbought territory.
The Omicron variant has now been identified in the United States, and this created a quick reaction across U.S. markets.
The price of gold may face a further decline over the coming days if it fails to defend the November low ($1759).
AUD/USD may extend its Monday bounce after China’s November PMI data showed a strong improvement from the prior month. Higher iron ore prices may also boost the Australian Dollar.
CAD may surrender recent gains against the dollar as the drop in WTI and renewed bullish Fed tone opens the door to a USD/CAD bullish continuation
Varied Markit and ISM U.S. PMI prints for November resulted in a slightly weaker dollar as the spotlight now shifts to NFPs on Friday.
Cable is clawing back most of Tuesday’s spike sell-off but the technical outlook for the pair remains weak.
S&P 500 monthly close sets up a technically weak outlook. Hawkish Fed a headwind.
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