Daily Global Market Update 26 November 2021 By Asheesh Chanda, Kristal.AI
Below are Views On Daily Global Market Update 26 November 2021 By Asheesh Chanda, Kristal.AI
Risk off move on new strain
Just as this particular tail risk was melting away into the background, scientists in South Africa have announced they have discovered a new Covid variant which could potentially be more transmissible. While the impact on human life is not yet established, the re-imposition of movement restrictions is likely to hurt economic activity. The South African Rand (ZAR) weakened past the 16 level for the first time this year.
With the US closed yesterday for Thanksgiving, price action was muted in other markets too. Black Friday today should help online retailers gain where analyst estimates indicate higher volumes than last year. The risk off price action was seen today as Treasuries opened a leg higher - the 10Y yield is back below 1.6%. JPY gained too and equity indices in Asia are opening lower.
Crypto so far seems unaffected with Ethereum back to 4.5k lvls but Crude futures have dipped. Not much on the data calendar today with but higher volatility on low volumes are always a possibility as many participants will be out for the long weekend.”
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