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Well, what a quick turn on the day and we're back to fear and panic once again.

But keep in mind that there are still plenty of uncertainties with regards to the omicron variant, so while markets are leaning to be heavily risk averse, things may not turn out so bad once we get more clarity in a few weeks' time.

For one, most vaccine producers are seemingly confident that they can get some form of effective solution in a matter of "months". Secondly, we still don't know if omicron is actually a much, much worse form of COVID-19 than other variants.

I reckon Friday's lack of liquidity did help to exaggerate the market moves and because of that, the fear that is residing among market participants right now is one that is a bit more resounding than what it actually might be.

I am on the camp that eventually this is a dip that is going to be bought down the road but at the moment, there is no hurry to step back in.

I'd watch for yen crosses and oil for such opportunities when the dust settles.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.