Stocks rally as Omicron fears recede

“I know where I’m getting out before I get in.” - Bruce Kovner

 

 

 

HEADLINES

 

 

 

• Dollar droops as optimism on economic outlook saps demand for haven assets
• Gold inches up heading into Christmas on weaker dollar
• Oil prices keep climbing even as Omicron COVID-19 variant fans out
• U.S. stocks close up as Omicron fears fall; 'Santa Claus rally' may be muted
• Tesla CEO Musk says he is 'almost done' with stock sales; shares rally

 

 

 

FOREX

 

 

 

Dollar droops as optimism on economic outlook saps demand for haven assets

 

The safe-haven dollar languished near an almost one-week low against its major peers on Thursday as investors adopted a more optimistic stance about the global economic outlook, despite the rapid spread of the Omicron coronavirus variant.

The risk-sensitive Australian dollar was steady at $0.72125 following Wednesday's 0.86% surge. Sterling was little changed at $1.33515 after a 0.63% rally.

There was also encouraging news from a South African study, which suggested reduced risks of hospitalisation and severe disease in people infected with Omicron compared with the Delta strain.

 

 

 

COMMODITIES

 

 

 

Gold inches up heading into Christmas on weaker dollar

 

Gold prices edged higher on Thursday in thin year-end trading, as the safe-haven dollar weakened following encouraging study results on the Omicron COVID-19 variant and rising optimism about the global economic outlook. Spot gold rose 0.2% to $1,806.12 per ounce by 0455 GMT, adding about 0.5% for the week so far in what could be its second straight weekly gain.

 

Oil prices keep climbing even as Omicron COVID-19 variant fans out

 

Oil prices rose on Thursday for a third straight day, underpinned by a weaker dollar on optimism about global growth, even as governments from Australia to Europe step up curbs to slow the spread of the Omicron coronavirus variant.

 

 

 

STOCKS

 

 

 

U.S. stocks close up as Omicron fears fall; 'Santa Claus rally' may be muted

 

U.S. stock indexes closed broadly higher on Wednesday after investors cheered positive economic data and the White House said it was resuming talks on a massive social spending and climate change bill with a holdout senator.

The market gained throughout the trading session, overcoming fears about the Omicron COVID-19 variant, and was pushed upward by improving consumer confidence and gross domestic product growth. The positive swing continued Tuesday's trend, when stocks recouped losses.

 

Tesla CEO Musk says he is 'almost done' with stock sales; shares rally

 

Tesla Inc Chief Executive Elon Musk said on Wednesday he was "almost done" with his stock sales after selling over $15 billion worth for more than one month.

 

 

 

CHART

 

 

 

WTI crude oil – 4-Hour Candlesticks

Source: GKFX Prime Metatrader 4

WTI SPOT is testing near term resistance at $73 per barrel., where a breakout could signal the bottom of the downtrend in place since October. - Prepared by Trading Writers*

 

 

 

CALENDAR

 

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

 

https://www.fxstreet.com/economic-calendar
https://www.reuters.com/markets/europe/global-markets-wrapup-2-pix-2021-12-22/
https://www.reuters.com/markets/europe/gold-inches-up-heading-into-christmas-weaker-dollar-2021-12-23/
https://www.investing.com/news/forex-news/dollar-droops-as-optimism-on-economic-outlook-saps-demand-for-haven-assets-2721509
https://www.investing.com/news/commodities-news/oil-prices-keep-climbing-even-as-omicron-covid19-variant-fans-out-2721540