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Home » Black Friday: markets spooked by new Covid variant

Black Friday: markets spooked by new Covid variant

by Stephen Soo
November 26, 2021 01:17
in Fundamental analysis
0
Investors spooked by US CPI and Fed’s hawkishness

The safe-haven currencies like the dollar and the yen are benefitting from risk aversion

Asian stocks tumbled on Friday amid a global sell-off triggered by growing concerns over a coronavirus variant discovered in South Africa, with travel shares leading losses in the region. MSCI’s index of Asia shares outside Japan shed 2%, its sharpest drop in three months, while Japan’s Nikkei 225 skidded nearly 3%. US stock index futures were also down ahead of a shortened holiday session.

Following suit, European equities plunged on Friday, with the pan-European Stoxx 600 tumbling over 2.5% in early trade. Investors are worried about both new Covid restrictions in the region and a new variant of the virus which reportedly has more than 30 mutations. Against this backdrop, the WHO is holding a special meeting today.

In currencies, the safe-haven dollar and yen are benefitting from risk aversion while commodity currencies lead the losses. The AUDUSD pair dipped to fresh multi-month lows and was last seen approaching the 0.7100 figure while NZDUSD visited the 0.6800 figure for the first time since mid-August. An extra pressure comes from the oil market where Brent crude slipped to the 100-DMA for the first time since September.

Meanwhile, the safe-haven gold rallied above the 100- and 200-DMAs that had been capping gains since the start of the week. The precious metal exceeded the $1,800 figure but struggles to extend the rally as the surging dollar weighs. Despite the recent bounce, the bullion looks set to finish the week with solid losses.

Tags: AUDUSDCovid-19NikkeiNZDUSDStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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