Daily Market Bulletin – 15 December 2021
Market Developments
Markets were cautious overnight, as they braced for the Fed's monetary policy and digested fresh warnings regarding the Omicron variant and poor data from China.
World Health Organization (WHO) Director-General, Dr Tedros Adhanom Ghebreyesus, said yesterday that "Omicron is spreading at a rate we have not seen with any previous variant. I need to be very clear: vaccines alone will not get any country out of this crisis" and noted that 77 countries have reported cases of the new variant. [1]
The US Centers for Disease Control (CDC) estimated that the Omicron variant now represents about 3% of U.S. COVID19 cases.
China's Industrial Production grew 3.8% y/y vs 3.0% expected, 3.5% prior, while Retail Sales rose 3.9% y/y vs 3.5% expected, 4.9% prior.
Over in the US, the House of Representatives passed the debt ceiling increase to avoid default, with the bill having been sent to US President Biden's desk for his signature.
UK's CPI Inflation surged 5.1% y/y in November, compared to 4.2% y/y prior, ahead of Thursday's monetary policy decision by the Bank of England.
Main Asia-Pacific stock markets were mostly downbeat and European futures are cautious.
The US Dollar and the JPY Index are tepid, while the Australian Dollar advances against both.
Instruments Snapshot
EUR/USD finds support above 1.1250, following its two-day decline.
GBP/USD is upbeat, probing 1.3250.
USD/JPY consolidates above 113.50, after its solid start to the week.
USD/CAD is mixed around 1.2850, but clinches new 3-month highs.
AUD/USD rebounds, trading above 0.7100.
NZD/USD is mixed, as it covers losses, following the new 2021 lows during the Asia-Pacific session (0.6725).
GER30 breaks below 15,500.
US30 is pressured and threatens 35,500.
USOIL enters its third negative day, giving 70.00 up.
XAU/USD is tepid, breaching 1,770.
Economic Calendar Picks (GMT)
The US Federal Reserve dominates today eventful calendar, as it hands down its monetary policy decision and releases updated staff projections (19:00), while Mr Powell's presser follows at 19:30.
Earlier, investors will be looking to US Retail Sales and CPI Inflation from Canada (13:30).
New Zealand Q3 GDP is due at 21:45, RBA's governor Lowe is on tap at 23:30 and Australia's Employment report is released at 00:30 (Thursday).
See the economic calendar here.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
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