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Risk Proxies Slide as Manchin Tanks BBB

FOREX
  • Vague risk-off pervades currency markets early Monday, with the greenback making gains against losses for growth proxies and commodity-tied FX. Stock futures trade higher on both sides of the pond, with the e-mini S&P dropping over 60 points and European indices joining the slide.
  • Senator Manchin's one-handed tanking of Biden's Build Back Better bill has prompted a number of sell-side outfits to lower GDP forecasts for the coming year, adding to the near-term pressures as cases from the omicron variant continue to swell across developed markets.
  • GBP/USD has revisited sub-1.32 levels, narrowing the gap with key support at 1.3163. A break below here opens losses toward 1.3135 and levels not seen since late 2020.
  • The single currency fares better, with EUR higher against all others in G10. EUR/USD is recouping a very minor portion of the losses suffered late last week, with EUR/USD now either side of the 1.1250 level. Nonetheless, the near-term outlook remains weak below 1.1349.
  • The data calendar is understandably light headed into the holiday season, with no central bank speakers of note either.
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