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Volatility continues on omicron anxiety

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European stock markets were back under pressure on Thursday, continuing the seesaw price action we’ve seen all week.

Early signs aren’t promising given the rate of case increases in South Africa and the fact that Omicron is already popping up in numerous other countries. Investors may continue to be attracted to the dips but one thing is clear, rallies so far have been short-lived.

Perhaps they’re hoping for positive news on the vaccine effectiveness against the new strain and taking advantage of these levels before it’s too late. If they don’t get the news they’re hoping for, we could see another sharp move lower.

Bitcoin remains under pressure

Bitcoin is under a little pressure again on Thursday as it gets caught up in the wild swings in risk appetite across the broader markets. The price moves in bitcoin have perhaps been a little less volatile than we’re seeing elsewhere, which isn’t something you hear that often, but it has remained under pressure due to it being a high-risk asset. Should the sell-off in risk assets intensify, bitcoin could get hit hard as well. It’s seeing some support around USD 53,500 for now, with USD 60,000 capping any rallies.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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