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GBP/USD remains weak below 1.3350 amid omicron concerns and Brexit concerns

GBP/USD is trading moderately below 1.3350, consolidating from its 11-month low of 1.3278, with risk sentiment improving slightly. Despite the risk reset, the risk remains downward biased against the majors as they continue to face the latest Omicron covid and ongoing Brexit issues.

Risk sentiment took a hit in early Asia, and concerns over the latest covid variant shook the market, propelling the overall rebound of the US dollar. South Africa’s recent surge in COVID-19 cases, which appears to have been triggered by a new strain, is urging countries around the world to impose new restrictions. However, Dror Mezorah, head of the coronavirus department at Hadassah University Hospital in Ein Karem, said the clinical status of people infected with Omicron is encouraging.

Despite risk recovery, sentiment around the pound can remain compromised by ongoing Brexit concerns. Vice-President of the European Commission, Margaritis Schinas, said Britain needed to resolve the post-Brexit immigration issue on Saturday.

Meanwhile, French President Emmanuel Macron attacked British Prime Minister Boris Johnson in a letter tweeted Friday and accused him of being “not serious.” This is in light of the ongoing tensions surrounding the Franco-British fishery. We will continue to lead the update of Omicron Covid variants and their impact on risk sentiment on Monday’s UK and US economic calendars. Investors are trying to reassess the Bank of England’s (BOE) rate hike expectations in light of recent Covid claims. This could be a further downside to the UK currency.

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EUR/GBP hovers around 0.8400, ECB’s Lagarde and BOE’s Bailey keep an eye on

EUR/GBP remained bearish in the early hours of Thursday morning in Europe. Cross-currency pairs are approaching their annual lows recorded on Monday as fears over coronavirus in the eurozone are resurfaced. Record high cases in Germany, followed by Austria and the Netherlands, have resulted in multiple warnings reminiscent of the blockade in the region. Coronavirus infections broke records in parts of Europe on Wednesday as Europe became the epicenter of the epidemic that caused new travel restrictions. It is worth noting that the resurgence of the virus eases pressure on the European Central Bank (ECB) to follow the Western banks and thus puts further downward pressure on EUR/GBP.

In a recent commentary, Boštjan Vasle, a member of the Governors’ Council and Governor of the Central Bank of Slovenia, along with politicians Fabio Panetta and Robert Holzmann, ignored the rate hike negotiations. In contrast, European Central Bank governor and Bundesbank president Jens Weidmann said on Wednesday that inflation risks dominate in Germany and the rest of the eurozone. With block wrestling with covid, the UK is not far behind as daily infections exceed 43,000 and virus deaths drop to 149. However, Sky News cites UK health experts to point out the risk of a surge in COVID-19 cases in the new year.

[color=#717171]Coronavirus pessimism and consequently increased pressure on the European Central Bank (ECB) to expand monetary easing, and in contrast to optimistic UK fundamentals, recent headlines on Brexit suggest the resilience of the pound I support it. Downing Street spokesperson #10 said there were significant differences between the UK and EU views on Northern Ireland, but British Prime Minister Boris Johnson’s willingness to work hard to address the issue is encouraging in the market. . But Bri

Gold price outlook: XAU/USD Bulls bullish amid weak US dollar in Asia

Asia’s gold is rallying as the US dollar offset some of its overnight gains as the US dollar breaks new cyclical highs following the re-election of Fed Chairman Jerome Powell. According to ANZ Bank analysts, the market immediately began pricing in relation to a gradual reduction in asset purchases and interest rate hikes through June. “This caused gold to plummet after 10-year Treasury yields raised more than 8 basis points.”

Meanwhile, yellow metals were supported by rising idle winds. “This ultimately catalyzed the company to break out of a months-long decline from historical highs, driven by a significant wave of CTA short coverage and growing Chinese demand for gold, explained analysts at TD Securities. “But we do note that the battle between high inflation and market prices caused by central bank inflation is not over.”

Going forward, the Fed minutes will be events for the dollar and yellow metal. Markets will be looking for new clues as to when to raise interest rates on how quickly the Fed can shrink. “The protocol will undoubtedly reflect a variety of risk perspectives, but most officials don’t think they will be in a hurry to raise rates given the massive net job loss and expected slowing inflation, said analysts at TD Securities.

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EUR/USD accelerates decline below 1.1300

The EUR/USD exchange rate has been heavy this week. On Tuesday, it fell in the US and expanded in Asia. Now falls faster and reaches a few stops below 1.13. The US dollar sold in almost all directions and continued higher on Tuesday US time. The recent rise in the US dollar can be attributed to renewed concerns about the Chinese Evergrande and disproportionate sentiment in Asian indices following US-US trade news headlines. Chinese media previously reported that online sales platform Evergrande had closed some departments, further exacerbating the risk of default. Meanwhile, U.S. Commerce Secretary Gina Raimondo said

China is not keeping up with its Phase 1 trade deal.

Additionally, the dollar is still supported by strong US retail sales data, which has reinforced expectations of Fed tightening, pushing Treasury yields up the curve. U.S. retail sales increased for the third straight month in October, up 1.7% year-over-year. 1.4% is expected.

Currently, market participants don’t know how much, in a few months, politicians may worry about inflation. Central bankers are lagging behind the curve and appear unpredictable in monetary policy consistently over time. Hedging is a logical consequence, which again increases demand for high-yielding assets like the dollar that are ready to continue the rally.

[color=#717171]Meanwhile, macroeconomic data reflected global uncertainty. A survey of Germany’s ZEW found a sharp drop in ratings on the current situation in November, but an improvement in economic sentiment. The country’s inflation was confirmed at 4.6% y/y in October and the wholesale price index jumped to 15.2% y/y. In October, the lowest level since November 2011, Richard Curtin, chief economist for the Surveys of Consumers, said: “Consumer confidence that inflation and effecti