European Forex news roundup: Risks rebound as omicron fears fade for the time being.

  • 01 December, 2021
  • 5:11 pm EET

European Forex news roundup: Risks rebound as omicron fears fade for the time being.

Forex market news during the European trade session on December 1, 2021


It was a bullish session for risk trades as the market shrugged off concerns about the omicron variant following Fed Chair Powell’s more aggressive stance yesterday.

Despite the fact that stocks fell on rate rise fears yesterday, Powell’s lackadaisical reaction to the omicron variation may be helping to keep markets more upbeat today, with equities recovering back and bond yields rising.

European indexes began with small gains before increasing to approximately 1.2 % to 1.8 % , while US futures progressively increased to maintain gains of more than 1%.

This is helping to keep commodity currencies buoyant, even if gains versus the dollar aren’t reaching all that far, with the greenback arguably getting some support from Powell’s hawkishness in trading yesterday.

EUR/USD fell from 1.1335 to approximately 1.1300, while USD/JPY held gains in the 113.30-50 range for the majority of the afternoon.

Meanwhile, USD/CAD is slightly lower around 1.2740-50 levels, while AUD/USD and NZD/USD are building on yesterday’s comeback from the August lows, as both pairs have mostly erased their post-Powell decline.

The AUD/USD pair rose to a high of 0.7170 before settling around 0.7130-40 levels, while the NZD/USD pair rose to a high of 0.6860 before settling around 0.6830 levels.

Oil, on the other hand, was a big gainer after having its worst month of the year in November. WTI is up more than 4% on the day to above $69 as bargain hunters rush in before the attention shifts to OPEC+ in the coming days.

EUR & GBP are both not much changed against the USD while yen and CHF are both a touch weaker against the dollar. CAD gained, helped by a stabilising and recovering price for oil after the US session further sell-off.


Markets News :

  • AUD leads, CHF lags on the day
  • European equities higher; S&P 500 futures up 1.3%
  • US 10-year yields up 3.7 bps to 1.478%
  • Gold up 0.7% to $1,785.90
  • WTI up 4.5% to $69.18
  • Bitcoin up 0.2% to $58,650



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