The dollar is improving its risk against safe havens as Reuters reports on Omicron news

Author: Saqib Iqbal Ahmed

NEW YORK (Reuters) – As the dollar rose against safe havens like the yen and the Swiss franc, after calm news about the Omicron COVID-19 variant, units such as the Australian dollar, which has weakened in recent weeks, also advanced. .

U.S. Treasury yields rose and shares gained gains after initial observations suggested Omicron patients had only mild symptoms, with some heavy Friday sales reversed.

Although Omicron has been rolled out to a third of U.S. states since Sunday, Dr. Anthony Fauci, the U.S. chief of infectious diseases, told CNN that “so far it’s not very serious.”

“The lack of a negative evolution of Omicron over the weekend seems to help stabilize the market today after last week’s tremendous movements,” Marc Chandler, Bannockburn’s chief global market strategist at Bannockburn, said in a statement.

The dollar rose 0.5% against the Japanese yen and rose 0.9% against the Swiss franc. The yen and francs usually attract investors in search of security when economic or geopolitical tensions rise.

The dollar fell 0.3% against the Japanese currency on Friday.

Losses on Friday’s greenback continued below the projected employment report, although the data did little to shake up market expectations that the Federal Reserve will accelerate the pace of stimulus dissolution and raise interest rates from next year.

The U.S. dollar index, which measures the green dollar against six rivals, rose 0.1% in 96,309, not far from the 16-month high of 96,938 hit at the end of last month.

Investors have seen a bigger rise in the dollar in recent weeks, and long-term net bets on the green card have risen to levels above June 2019, U.S. CFTC data showed on Friday.

Meanwhile, the Australian dollar rose 0.64% from a 13-month low last week.

The Russian ruble went red at the end of negotiations on Monday, after US President Joe Biden warned Russian counterpart Vladimir Putin of serious economic consequences in the case of the Ukrainian invasion, ahead of a call between the two men on Tuesday.

The Canadian dollar strengthened against its U.S. counterpart on Monday as oil prices rose and this week focused on the Bank of Canada’s interest rate decision, which recovered the currency from its lowest level in more than two months.

Elsewhere, cryptocurrencies suffered heavy losses as a result of a wild weekend that crushed more than 20% of bitcoin in one phase. It fell 0.6% to $ 49,166.35 on Monday.