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Forex News: U.S. Dollar Higher On Omicron Concerns

U.S. Dollar Higher On Omicron Concerns

12/27/2021 - 07:34:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on Monday, as uncertainty over the economic impact of a rapid rise in Omicron cases fueled demand for safe-haven assets.

Around 1,500 flights have been canceled in the U.S. on Sunday, as a surge in Covid cases created shortage of staffs.

Data from Johns Hopkins University showed that new daily infections averaged about 190,000 for the past seven days in the United States.

U.S. chief medical adviser Anthony Fauci told ABC "This Week" on Sunday that COVID-19 cases are expected to continue to rise due to its high transmissibility and warned about being optimistic regarding the severity of the Omicron.

Coronavirus cases exceeded over 100,000 in France, the highest daily record since the outbreak of the pandemic in the country.

The greenback advanced to more than a 5-week high of 114.70 against the yen, 4-day highs of 0.9200 against the franc and 1.1303 against the euro, off its early lows of 114.31, 0.9172 and 1.1335, respectively. The greenback may find resistance around 116.00 against the yen, 0.94 against the franc and 1.10 against the euro.

The greenback rose to a 4-day high of 0.7206 against the aussie and a 5-day high of 0.6790 against the kiwi, following its previous lows of 0.7242 and 0.6825, respectively. Should the greenback strengthens further, it is likely to test resistance around 0.70 against the aussie and 0.66 against the kiwi.

The greenback edged higher to 1.2834 against the loonie, from a low of 1.2803 hit at 10 pm ET. The greenback is seen facing resistance around the 1.30 level.

The greenback was trading at 1.3398 against the pound, up from a low of 1.3419 seen at 3:15 am ET. The greenback is likely to face resistance around the 1.31 region.

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