March 30, 2023

Dubai Week

Complete Dubai News World

The euro's volatility against the dollar was fueled by fears of an "Omicron".

The euro’s volatility against the dollar was fueled by fears of an “Omicron”.

The dollar has risen sharply against the euro this year due to concerns about the new mutation “Omigron” from the corona virus, and the dollar rose slightly, supporting the dollar today (Wednesday). The expectation of raising interest rates has been renewed.

Despite the turmoil caused by the spread of “Omigron”, the dollar rose 0.03 percent to 95.997 at 09:20 GMT after recording its strongest monthly performance since June, Reuters news agency reported.

The dollar fluctuated against the euro, reaching its highest level this year as the single European currency rose to its highest level in two weeks yesterday (Tuesday) before reversing against the dollar.

Federal Reserve Chairman Jerome Powell pointed out at this month’s meeting that the bank could accelerate its pace of reducing its bond-buying program, and told lawmakers that it was time to temporarily stop describing price pressures.

The euro fell 0.1 percent to $ 1.1325.

Reports released yesterday by the CEO of Moderna that the current vaccines against Covit-19 will be less effective against “Omigron” strains compared to previous mutant strains have led to a greater demand for secure investment assets.

The pound rose 0.15 percent to $ 1.3318 in early trade in London, hitting its lowest level since last December (December), reflecting concerns about the effectiveness of vaccines in the face of new mutations.

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