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Forex News: Omicron Hopes Lift Euro In Thin Trading

Omicron Hopes Lift Euro In Thin Trading

12/24/2021 - 07:19:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in the European session on Friday, as upbeat U.S. data and positive news about the Omicron variant of coronavirus boosted the demand for riskier assets.

Studies showing that infections caused by the Omicron variant of the coronavirus could lead to fewer hospitalizations and the FDA's approval of Covid-19 pills from both Merck and Pfizer lifted sentiment.

Overnight data showed that U.S. initial jobless claims held below pre-pandemic levels last week, durable goods orders exceeded expectations and core inflation accelerated at the fastest pace since February 1989.

The economic calendar is light with no major data due from Europe and U.S.

Trading volumes were thin, with many markets shut or closing early on account of Christmas Eve.

The euro rebounded to 1.0411 against the franc, from a 3-day low of 1.0387 seen at 5 pm ET. If the euro strengthens further, it is likely to test resistance around the 1.065 region.

The euro appreciated to a 5-week high of 129.75 against the yen and a 1-week high of 1.1344 against the greenback, off its early lows of 129.47 and 1.1322, respectively. The euro is seen finding resistance around 132.00 against the yen and 1.15 against the greenback.

The euro edged higher to 0.8464 against the pound, after a decline to 0.8437 at 5 pm ET. The euro may locate resistance around the 0.86 level.

The euro remained higher against the kiwi, with the pair trading at 1.6623. Immediate resistance for the euro is likely seen around the 1.68 level.

After gaining to 1.5674 in the Asian session, the euro held steady against the aussie in subsequent deals. The pair had closed yesterday's deals at 1.5632.

In contrast, the euro pulled back to 1.4496 against the loonie, from a high of 1.4551 seen in early trades. On the downside, 1.42 is possibly found as its next support level.

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