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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • Haven FX surged Friday, with JPY and CHF outstripping all others in G10 as South Africa released further details of a more transmissible, possibly vaccine-dodging COVID variant that's been dubbed Omicron. USD/JPY slid sharply, falling persistently through the Asia, European and US session to touch new lows of 113.05 just after the close. This put the pair just below the 50-dma at 113.08 which forms first material support and markets will be watching at the close.
  • CHF similarly rallied, putting EUR/CHF at fresh multi-year lows - last seen in 2015 - but this belies a session in which the EUR generally held up well.
  • EUR/USD rallied, gaining close to a point as recent market trends reversed: yields traded lower with curves flatter and equities shed much of their recent strength.
  • With havens trading solidly, commodity-tied currencies bore the brunt, putting AUD, CAD, NOK and NZD among the session's poorest performers.
  • Focus in the coming week turns to nonfarm payrolls, with markets currently expecting another month of a half million in job gains, pressing the unemployment rate lower to 4.5%.