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Havens Surge as WHO Dub New Variant 'Omicron'

FOREX
  • 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%.
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