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Title: Dollar Up, Yen at One-Month Low as Omicron Worries Lessen

Dec 28, 2021 03:23AM ET

By: AnalysisWatch

The dollar strengthened in Asia on Tuesday morning. Meanwhile, the yen traded near a one-month low against the U.S. currency as uncertainty over the omicron COVID-19 variant largely faded and investors' risk appetite improved.

The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was up 0.02% at 96.110 by 10:15 PM ET (3:15 AM GMT).

The USD/JPY pair rose 0.06% to 114.90, with the yen falling as low as 114.935 against the dollar for the first time since Nov. 26, approaching the year-to-date low of 115.525 set on Nov. 24.

Data released earlier in the day in Japan said industrial production rose 7.2% in November from the previous month, beating expectations. The jobs-to-applications ratio was 1.15, while the unemployment rate was 2.8% in November.

The AUD/USD pair fell 0.01% to 0.7234, with the riskier Australian dollar heading back towards its three-week high on Friday. The NZD/USD pair fell 0.01% to 0.6807 as New Zealand and Australian markets were closed for the holiday.

The USD/CNY pair rose 0.03% to 6.3722 after the People's Bank of China reiterated on Monday that the Yuan exchange rate would be more flexible in 2022 and remain stable overall at a reasonable and balanced level.

The GBP/USD currency pair fell 0.06% to 1.3429.

US equities were on an upward trend, with the S & P 500 closing at a record high on Monday. The US dollar, considered a safe haven, remained at the lower end of its recent trading range, even as the Federal Reserve showed a hawkish bias at its last meeting earlier this month.

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