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MARKET INSIGHT

The main development overnight saw the CEO of Moderna, Stephane Bancel, state that it is thought that current vaccines will be "much less effective" against the Omicron strain of Covid-19 than against other variants due to the high number of mutations to the spike protein. This was the big concern to markets when the news broke last week of the Omicron vaccine so is not a new concern, but the fact it is being highlighted by the CEO of the manufacturer of one of the biggest vaccine suppliers has weighed on risk sentiment in markets overnight. Bancel also said that he expected it to take months to get a new vaccine manufactured to scale.

  • After trading fairly steadily through most of the overnight session, Treasury futures spiked higher on the Bancel comments and at the time of writing are up 0-18 since last nights close at 130-27. Bund futures moved higher hitting a high of 172.64 but have since come back below Friday's high.
  • The Eurodollar strip is currently around the highs seen on Friday with the Dec-22 contract at 99.165 (after hitting a high of 99.190 overnight). At the time of writing the strip from the Jun-22 contract out is up at least 5.0 ticks since last night's close. Moves have been smaller in the Euribor strip. These relative moves have helped EURUSD move higher overnight.
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