Themes

• General mood is “risk off”
• U.S. market very quiet amid Thanksgiving holidays
• WHO labels the new highly contagious Covid variant Omicron

What’s Moving
A very quiet session overnight on Friday, with Europe initially opening with concerns about the new highly contagious Covid variant (later labelled Omicron). This saw European equities on the offer for most of Friday, which dragged down U.S. stock index futures as well.
Currency markets saw an unwinding of Dollar longs, with the Euro and the Yen both bouncing back hard. Sterling had a wide-ranging session but ended the week largely unchanged from opening levels.
German Import Prices (+3.8%) and Swiss GDP (+1.7%) were both stronger than expected.

Thoughts
Expect a quiet, usual Monday trading session today, with most local players awaiting fresh incentives from fully staffed U.S. desks.
Data today sees Japanese Retail Sales, which is expected to print +1.2%.

Pivot Points