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Forex News: U.S. Dollar Moves Lower Amid Easing Omicron Concerns

U.S. Dollar Moves Lower Amid Easing Omicron Concerns

12/29/2021 - 16:20:00 (RTTNews)

(RTTNews) - After seeing some strength early in the day, the value of the U.S. dollar has moved to the downside over the course of trading on Wednesday.

The U.S. dollar index is currently trading at 95.90, down by 0.30 points or 0.3 percent, after reaching a high of 96.40.

The greenback is trading at 114.99 yen compared to the 114.82 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1349 compared to yesterday's $1.1310.

The dip in the value of the dollar comes as concerns about the Omicron variant of the coronavirus have continued to ease, reducing the appeal of safe haven assets.

While the Omicron variant has contributed to a surge in new coronavirus cases around the world, traders seem optimistic that the milder symptoms associated with the new strain will not lead to a significant economic slowdown.

On the U.S. economic front, a report released by the National Association of Realtors showed an unexpected pullback in pending home sales in the month of November.

NAR said its pending home sales index slid 2.2 percent to 122.4 in November after spiking 7.5 percent to 125.2 in October. The decrease surprised economists, who had expected pending home sales to rise by 0.5 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

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