Themes

• General market mood is “risk off”
• French Consumer Spending (E: 0.0%), CPI (E: +0.2%) and GDP (E: +3.0%)
• German Unemployment Change (E: -25k)
• U.S. Chicago PMI (E: 67.1)

What’s Moving

It was a quiet session in Asia today, with the market still trying to get a handle on the Omicron Covid variant amid world leaders talking down its risks (US and Australian).

There were no range extensions on the currencies, although gold did trade above the overnight high in early Asian trade, before coming back to familiar levels. 

Thoughts

Very quiet session in Asia today doesn’t really lend any clues to trade in Europe and the U.S. tonight.   There is a bit of data on the slate, but we expect it all to be largely shrugged off unless its way away from expectations.   

U.S. stocks had a strong session overnight and expect their travails today to lead direction on the Big Dollar.