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Forex News: Pound Higher As Omicron Worries Reduce

Pound Higher As Omicron Worries Reduce

12/23/2021 - 07:45:00 (RTTNews)

(RTTNews) - The pound appreciated against its major counterparts in the European session on Thursday, as latest studies indicating reduced risks of hospitalization and severe illness in Omicron patients bolstered risk sentiment.

AstraZeneca said that a three-dose course of its COVID-19 vaccine increased neutralizing antibodies against the Omicron to levels that were broadly similar to those observed after the second dose against the Delta variant.

Research from Imperial College London indicated that the risk of hospitalisation for patients infected with the Omicron variant is 40% to 45% lower than Delta cases.

A study in South Africa found that the omicron variant appeared to have a less severe impact than the earlier variants and there is a reduced risk of hospitalizations than in previous waves.

Positive U.S. economic data on consumer confidence and GDP signalled a solid recovery in the world's largest economy.

The White House said that Democrats will continue negotiations with Senator Joe Manchin on the Build Back Better Act with a vote planned in early 2022.

The pound jumped to near 4-week highs of 153.59 against the yen, 0.8422 against the euro and 1.2369 against the franc, following its prior lows of 152.19, 0.8498 and 1.2262, respectively. The pound may find resistance around 156.00 against the yen, 0.82 against the euro and 1.26 against the franc.

The pound firmed to more than a 4-week high of 1.3435 against the greenback, from a low of 1.3339 set at 5:45 pm ET. On the upside, 1.37 is seen as its next likely resistance level.

Looking ahead, Canada GDP data for October, U.S. weekly jobless claims for the week ended December 18, University of Michigan's final consumer sentiment index for December, durable goods orders, new home sales and personal income and spending data, all for November, are due out in the New York session.

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