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Forex News: Pound Falls In Cautious Trade

Pound Falls In Cautious Trade

12/08/2021 - 07:58:00 (RTTNews)

(RTTNews) - The pound weakened against its major counterparts in the European session on Wednesday, as investors weighed risks from the Omicron variant of Covid-19.

A South African study showed that the Pfizer-BioNTech COVID-19 vaccine could provide only a partial protection against the omicron variant.

There is a "very large" drop in neutralisation of Omicron by the vaccine than the original virus, the lead researcher said.

The World Health Organization said that preliminary analysis suggested that the mutations present in the Omicron variant may reduce neutralising activity of antibodies resulting in reduced protection from natural immunity.

Although the new variant is less severe than the Delta version, hospitalizations would increase if more people become infected and there would be a time lag between an increase in the incidence of cases and an increase in the incidence of deaths, it said.

U.S. President Joe Biden warned Russian President Vladimir Putin that there will be a strong response if it invades Ukraine.

The pound depreciated to 2-day lows of 149.35 against the yen and 1.2160 against the franc, following its prior highs of 150.53 and 1.2253, respectively. The pound is seen finding support around 143.00 against the yen and 1.20 against the franc.

Retreating from its previous highs of 1.3261 against the greenback and 0.8497 against the euro, the pound dipped to a 1-year low of 1.3160 and near a 4-week low of 0.8569, respectively. Should the pound falls further, it may locate support around 1.30 against the greenback and 0.87 against the euro.

Looking ahead, the Bank of Canada will announce its interest rate decision at 10:00 am ET. The BoC is widely expected to keep its policy rate steady at 0.25 percent.

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