The Forex Market Today report: the Dollar weakens gold, but Gold shines amid Omicron positive outlook, BOC is in the spotlight

There is increasing evidence from science that suggests that the latest Omicron covid type is less aggressive, and therefore may pose a lesser threat to the global economic improvement that continues to boost the mood of markets. The Asian stocks followed the rally on Wall Street overnight while the S&P 500 futures advanced 0.40 percent to date, it’s not like going to NetBet Casino and gambling.

South African hospitals continue to indicate that Omicron is milder in its symptoms. In addition, a South African study showed that the Pfizer vaccine is able to provide partial protection against the latest strain. The researcher noted that “study results in a 40-fold reduction in the neutralization power of Pfizer vaccines as compared to Omicron. 

China’s policy of support to spur economic growth and aid the distressed property market in China maintains the optimistic mood for the third consecutive day. 

The risk-on flows dimmed the US dollar’s attraction as a safe refuge which triggered a rise across the entire fx board. It was reported that the US Treasury yields softened amid the pre-inflation anxiety that has added to the pressure on the dollar.

With this in mind, EUR/USD outperformed and is close to testing 1.1300 and the recovery is extending regardless of being mixed German ZEW results and the ECB-speak.

The GBP/USD remains in the middle of its rebound at 1.3250 in the meantime, while bulls remain prudent amid the increase in Omicron instances across the UK. The Kingdom announced 101 instances of the Omicron variant, bringing the total number of cases to 437 on Tuesday. In addition, the Brexit impasse could limit the potential upsides of cables.

USD/AUD remains afloat on the most recent upside but is limited lower than 0.7150 despite the yuan reaching three-year highest in relation to the dollar.

USD/JPY is fighting 113.50 with lower rates and the USD. USD/CAD is recording modest gains of about 1.2650 as a result of a decline in WTIprices ahead of the crucial Bank of Canada (BOC) decision. The BOC is predicted to keep the central rate at 0.25 in the face of rising inflation. 

The US oil industry is unable to take advantage of the geochemical tensions, particularly following the fact that US President Joe Biden warned his Russian counterpart of “strong measures” in response to Ukraine’s concerns of an invasion.

Gold is testing the crucial $1,792 mark, with new highs for the week.

Bitcoin will be in a battle for $50,000 as bulls consider the next move in the wake of the news that Google stopped a botnet that was exploited by cybercriminals to extract cryptocurrency through bitcoin. Bitcoin blockchain.

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