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EUR/USD Back Above 1.13 as Risk Wanes

FOREX
  • Markets trade with a general risk-off tone, as equity indices slip through yesterday's lows and extend the pullback off the week's best levels at 4731 printed on Monday. This has translated into more solid haven currencies - with CHF and JPY among the session's best performers, although the single currency also trades well, with EUR/USD back above the 1.13 handle and eyeing the next resistance level at Monday's 1.1319.
  • The broad risk-off follows the release of a further dataset from South Africa's Discovery study into omicron, which showed the effectiveness of the Pfizer jab against omicron waned to 33% from 80% against the prior delta variant.
  • Risk and growth proxies including the NOK and AUD are the poorest performers as a result, with USD/NOK rising to touch new weekly highs of 9.0912.
  • US PPI data takes focus going forward, with the Y/Y final demand figure seen climbing to a new series high of 9.2%. There are few speakers of note, keeping focus on the key policy decisions due later in the week.
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