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GBP Stronger, But Rallies Contained For Now

FOREX
  • GBP is furtively the best performer across G10, putting GBP/USD back above the 1.33 handle and EUR/GBP either side of 0.8500. CAD and EUR similarly trade well, but market moves are shallow in the wake of recent market volatility.
  • NOK is the notable underperformer, with USD/NOK making headway above the 9.00 handle to close in on the cycle best printed earlier in the week at 9.1299.
  • The USD Index trades on the backfoot, running off the week's Powell-inspired highs, but the index remains comfortably north of the week's lows. The potency of the newly discovered Omicron variant remains top of mind for markets, with markets still awaiting data on the ability of the strain to evade vaccine-acquired immunity.
  • The data slate is quieter Thursday, but markets may pay some heed to the weekly jobless claims numbers ahead of Friday labour market report. There are a number of Fed speakers to digest, with Fed's Bostic, Quarles, Daly and Barkin all on the docket. ECB's Panetta also makes an appearance.
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