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Forex News: U.S. Dollar Advances Amid Jump In Omicron Cases

U.S. Dollar Advances Amid Jump In Omicron Cases

12/29/2021 - 03:47:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major rivals in the Asian session on Wednesday, as a surge in Omicron cases across the globe and a tightening of restrictions dampened risk sentiment.

Coronavirus cases in France jumped to a record high of 179,807 on Tuesday, a day after the government announced new restrictions to contain infections.

Besides France, UK, Italy, Greece, Portugal and Cyprus reported record daily infections on Tuesday.

The U.S. reported a seven-day average of 254,496 new virus cases on Tuesday, breaking the previous record of about 251,989 daily cases seen on January 11.

The currency was also supported by Fed rate hike expectations, as investors predict at least three rate rises in 2022.

The greenback edged higher to 0.9179 against the franc and 114.93 against the yen, up from its early lows of 0.9163 and 114.74, respectively. The greenback is likely to find resistance around 0.93 against the franc and 116.00 against the yen.

The greenback was trading at 1.1296 against the euro, up from a low of 1.1314 seen at 6:30 pm ET. If the greenback rises further, it may challenge resistance around the 1.10 level.

The greenback advanced to a 2-day high of 1.2833 against the loonie from Tuesday's close of 1.2814. The greenback is seen facing resistance around the 1.30 level.

The greenback rose to a session's high of 0.6789 against the kiwi from yesterday's close of 0.6801. On the upside, 0.66 is possibly found as its next resistance level.

The greenback firmed to a 2-day high of 0.7213 against the aussie around 8:30 pm ET, but it has since retreated to 0.7237. The pair was worth 0.7224 at Tuesday's close.

Looking ahead, Swiss economic sentiment index for December is due in the European session.

U.S. pending home sales, wholesale inventories and advance goods trade balance for November will be out in the New York session.

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