This week’s economic calendar may have been light, but that hasn’t been reflected in FX market volatility. President Erdogan’s sacking of the CBRT governor set the tone for markets before the start of the week, with investors yearning for a flight to safety which led to a stronger US dollar across the board. Shortly after, news of a third wave of Covid-19 in the eurozone added to the risk aversion in markets with Germany and the Netherlands extending and tightening lockdown measures as cases climbed higher. As icing on the cake, the blockage at the Suez canal spiked fears around oil supply, causing crude prices to briefly rise. However, concerns of fresh waves of Covid-19 amid an environment of climbing inventories put a cap on crude oil prices until next week’s OPEC+ meeting on Thursday, where the group is expected to roll over production cuts. Next week, events look even lighter than this week’s, however, key headlines from the OPEC+ meeting and February’s Nonfarm Payroll data may induce FX volatility as liquidity conditions thin.