The dollar rises as the fears of Omicron recede The dollar rises as the fears of Omicron subside


The dollar rose, while the euro, the Japanese yen and the Swiss franc fell as the markets calmed after the first shock of the discovery of a new mutant of the Corona virus.

The mutant Omicron, which was first detected in South Africa, caused global concern, as financial markets fell on Friday, amid fears that its appearance would disrupt the global economic recovery from the Covid-19 pandemic that began two years ago.

The World Health Organization said it was not yet clear whether Omicron, which has been discovered in many countries of the world, is more capable of spreading than previous mutant or if it causes a more serious disease.

Markets calmed somewhat on Monday, while US stocks and oil prices, with investors adopting a more balanced approach and accepting to wait until the impact of the new mutation becomes clear.

By 2040 GMT, the US dollar index rose 2.1 percent to 96.367, after it recorded on Friday the largest one-day decline since May.

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The dollar’s status as a safe haven of value qualifies it to benefit from the uncertainty, but it fell on Friday due to expectations that the emergence of the Omicron variable would affect when major central banks, including the US Federal Reserve, may decide to raise interest rates.

The euro fell by 0.4 percent to 1.1271 dollars, after it had risen against the green currency on Friday.

The Japanese yen fell against the dollar, which rose 0.2 percent to 113.76 yen to the dollar.

The Swiss franc fell 0.3 percent against the US currency, after it recorded on Friday the largest jump against the dollar since June 2016.

Analysts warned that the currency markets are likely to witness more turmoil until more information is known about the new mutation.

Investment bank Goldman Sachs said it would not adjust its economic forecast based on the emergence of Omicron until its impact becomes clear.

Regarding cryptocurrencies, bitcoin hit a seven-week low on Sunday before rising 1.2 percent in the latest trading to $58,016, but it remains well below its all-time high of $69,000 hit earlier this month.

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