Asian markets turned on cautious mode as omicron variant spread to more countriesUpdated time: 24 Jan, 2022, 14:31 (UTC+04:00)
Asian markets turned on cautious mode as omicron variant spread to more countries. Investors expected the Fed to accelerate taper, followed by the 1st rate hike in March and continued with three 25 basis points hikes in 2022. Hawkish outlook triggered BofA to be bearish on equities next year. Indexes remained steady.
Crypto news daily:
The market has underperformed lately with volatile Bitcoin is still in a bearish zone with a 20% plunge. Fellow Altcoins experienced the same problem, especially Litecoin.
However, we can expect an upcoming recovery of BTC and ETH if bulls defend stronger from the support line. Other crypto names including Polygon (MATIC), Algorand (ALGO) and Elrond (EGLD) are expected to help the market rebound.
Currencies and Commodities:
Short-term rates rise underpinned the U.S dollar against currencies that are vulnerable to Omicron. USD hit 13-month high on AUD and NZD but still lost ground on safe haven yen. Euro held at $1.1303.
Oil price gained more than $1/barrel after Saudi Arabia raised the crude price sold to Asia and the U.S. Gold found some support from declining longer-term bond yields.