Market Drivers – European Session 30-11-2021

The entire market was focused on Coronavirus mutant headlines statements of Moderna. The World Health Organization has warned of a very high risk of infection from Omicron, as some countries have already tightened border controls. However, US President Joe Biden said the US would not restore lockdowns, giving investors’ confidence a slight boost.

The dollar fell on Tuesday morning in Asia, above a one-week low over the previous week, as fears that a new alternative to the Coronavirus, Akron will derail the US economic recovery and delay the US Federal Reserve interest rate hike.

The US dollar index, which measures the US currency against a basket of other currencies, fell 0.21% to 96.135, and the index rose from the lowest level of 95.973 recorded on Friday, when it suffered its largest one-day decline since May 2021.

The annualized Eurozone Consumer Price Index (CPI) jumps by 4.9% in November, surprising markets to the upside while higher from the previous rise of 4.1%, the latest data published by Eurostat showed on Tuesday. The consensus forecast was for a drop to 3.7%.

Canada’s Real Gross Domestic Product (GDP) expanded at a monthly rate of 0.1% in September, data published by Statistics Canada showed on Tuesday. This reading was in line with the market expectation for a growth rate of 0.1% MoM.