Markets ignoring economic data, new Covid variant, Omicron, causing renewed concerns

By MoneyWay | Nov 30, 2021

Markets this morning were already in negative territory and then Fed Chairperson Powell announced that the board will be discussing speeding up its bond buying tapering (removing cash from the system sooner than later). It now appears that the Fed has realized that inflation is now an obstacle to contend with, rather than a speed bump on the economic highway.

The Canadian dollar is weaker as oil prices fall even further, currently West Texas Intermediate is off over 27% from its recent highs, again markets ignored Canada’s GDP data and focused on commodities and their losses.

Until pharmaceutical companies come up with a clear time line and what counteracts the Omicron variant, there will be some form of uncertainty in the near term.

Currently*          Close                     Range

USDCAD                               1.2810                   1.2738                   1.2730-1.2830

EURCAD                               1.4460                   1.4381                   1.4378-1.4549

GBPCAD                               1.6975                   1.6958                   1.6936-1.6939

*Indicative Rates Only

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