During early European morning on Monday, the EUR/USD drops to an intraday low of 1.1274, down 0.43 %, reversing Friday’s virus-driven rebound. Todays all eyes are on Federal Reserve Bank’s Chairman Jerome Powell speech and the Pending Home Sales report release, which might affect the USD currency.
The GBP/USD pair seesawed between tepid gains and minor losses on Monday. Heading into the European session, the pair was hovering just below the mid-1.3300s.
Following the heaviest daily fall in 20 months, the USD/JPY is up around 113.75, 0.55 % up intraday.
The AUD/USD challenges intraday high around 0.7145, up 0.10% during early Monday.
NZD/USD is higher at the start of the week, up 0.16 % at 1:43AM GMT as Asian currency markets recover from the initial shock of the Omicron coronavirus variant’s discovery. The pair is trading around 0.6820, having risen from a low of 0.6807 to a high of 0.6834 on the day.
During Monday’s Asian session, the USD/CAD bounces off the daily bottom to 1.2750, down 0.30 % intraday. Even as Canada registers two cases of the recently discovered South African covid variant in Ontario, a recovery in the prices of Canada’s main export item, WTI crude oil, appears to have reinforced the latest pullback moves in the pair. Traders should take into account the Bank of Canada’s Governor, Tiff Macklem speech today.
The USD/CHF pair attract some buying on early Monday, recouping some of Friday’s drop to a two-week low near 0.9215. The pair maintained its bid tone through the early European session and climbed to a daily top, around the 0.9270 region.
Traders added around 14.2K contracts to their open interest positions on Friday, according to CME Group’s flash data for crude oil futures markets. WTI prices fell to around $67.50 a barrel. Crude oil fell over 13% on Friday after the World Health Organisation (WHO) verified the new strain of Covid-19, “Omicron”.
On Monday, gold price rebounds but still is below $1,800. The Omicron covid-19 variant woes will continue to play out, impacting the XAU/USD pair.
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