The market is trying to look through a tough few months of omicron worries but sky high covid numbers are likely to be slashed on the front pages globally over the next month.
That's going to make for a tough fight
Ultimately the bulls will win, especially if omicron proves to be mild and adds natural immunity. That said, today's price action reflects the difficult way forward.
In the latest leg of trading, AUD/USD is showing some life though as it climbs to 0.7134 from as low as 0.7112. It's not a big bounce but it shows there are willing buyers. We've seen time and time again that the market can get past covid quickly.
