Yen, Swiss Franc Gains Ground As Risk Aversion Reigns Supreme

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The Japanese yen and Swiss franc are trading at record highs, followed by the Euro. Today’s market focus is on a new coronavirus type, which has sent global stocks and benchmark government yields substantially lower. Commodity currencies are falling dramatically due to risk aversion, but the pound and the dollar are also under pressure. Swiss Franc is now the strongest currency this week, while Kiwi is the worst. Before the weekly close, we’ll see how the picture changes.

Investors are fleeing due to reports of the coronavirus variant discovered in South Africa that shows immune evasion and may render current vaccinations ineffective. There were no high-level data releases on the economic calendar, and market participants will stay focused on risk perception ahead of the weekend.

The Nikkei 225 Index in Japan is down over 3%, while the FTSE in the United Kingdom and the DAX 30 in Germany are also expected to open roughly 2% down than Thursday’s closing levels. Furthermore, US stock futures, which will close early due to the Thanksgiving holiday, are down between 1.6 and 1.3 percent, while the 10-year US Treasury bond rate is down over 5%.

The scientific community throughout the world is on high alert as a result of data coming out of South Africa. There’s a risk that the NU strain is more virulent than the Delta, and that it’ll be resistant to vaccines. It has a high number of mutations on the spike protein, according to scientists, and it is the “most developed” version yet discovered from the original virus.

Yen Gains As Euro Lose Ground As News of Coronavirus Spreads

The current risk aversion adds to the demand for the yen, while the mild decrease in the US yields fuels the greenback’s daily pullback. EUR/JPY fell for the third session in a row and tested the area of recent tops in the 128.00 neighborhood, however, it quickly recovered some positive traction.

Risk aversion erupted in the markets towards the end of the week in response to the reappearance of coronavirus fears, all following the discovery of a new variant in Southern Africa. This new variety adds fuel to the fire, as COVID cases are already on the rise throughout the old continent at an alarming rate.