New Coronavirus Mutation Shocks Financial Markets

Safe Havens Rally, Risk Assets Tumble on New and Stronger COVID Variant

The US dollar traded higher against the majority of the other major currencies on Thursday and during the Asian session Friday. It gained versus AUD, NZD, CAD, and GBP in that order, while it lost ground versus JPY, CHF, and EUR.

Nikkei 225 — Technical Outlook

Japan’s Nikkei 225 cash index tumbled overnight, breaking below the key support zone of 28973, marked by the low of November 10th. The move confirmed a forthcoming lower low on the daily chart and signaled the exit of the sideways range the index had been trading within since October 29th, between that barrier and the psychological zone of 30000.

AUD/JPY — Technical Outlook

AUD/JPY fell sharply as well, breaking below the 82.10 level, which is near the low of November 19th, thereby confirming a forthcoming lower low on both the 4-hour and daily charts. Overall, the pair remains below the downside resistance line taken from the high of November 4th, and thus, we would consider the short-term picture to be negative.

As for Today’s Events

The holiday shopping season officially starts, with “Black Friday” sales around the globe. Although we will not get any instant numbers over how strong consumer spending was, we will closely watch the upcoming retail sales data.



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