EUR – The euro surged on Tuesday as traders cut their short positions on the single currency after Moderna’s CEO said COVID-19 vaccines were unlikely to be as effective against the Omicron variant as they have been with other types.
Societe Generale notes that “this is Round 2 of Omicron jitters evident in the unwinding of short euro/long stock positions. There is an element of short euro covering as well and the unwinding of US rate hike bets is also undermining the dollar.”
CAD – The Canadian dollar weakened on Tuesday as fears that the Omicron coronavirus variant could impede global economic recovery, offsetting domestic data, which showed stronger than expected growth in Q3 at 5.4% for the quarter.
Societe Generale notes that “this is Round 2 of Omicron jitters evident in the unwinding of short euro/long stock positions. There is an element of short euro covering as well and the unwinding of US rate hike bets is also undermining the dollar.”
CAD – The Canadian dollar weakened on Tuesday as fears that the Omicron coronavirus variant could impede global economic recovery, offsetting domestic data, which showed stronger than expected growth in Q3 at 5.4% for the quarter.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.