The price of the dollar rose slightly, today (Wednesday), with the increased volatility of the dollar against the euro to its highest levels this year due to concerns about the new mutated “Omicron” from the Corona virus, and the dollar was supported by renewed expectations of raising interest rates.
The dollar index rose 0.03 percent to 95.997 at 09:20 GMT, after recording its strongest monthly performance since June, despite the turmoil caused by the spread of “Omicron”, according to the Reuters news agency.
The fluctuations of the dollar against the euro reached its highest levels this year with the rise of the single European currency to its highest level in two weeks yesterday (Tuesday), before falling back with the rise of the dollar.
Federal Reserve Chairman Jerome Powell indicated that the bank may accelerate the pace of tapering its bond-buying program at its meeting this month and told lawmakers that it was time to stop describing price pressures as temporary.
The euro fell 0.1 percent to $1.1325.
And the CEO of Moderna’s statements yesterday that the current vaccines against Covid-19 are likely to be less effective against the “Omicron” mutant, compared to the previous mutated strains, led to a high demand for safer investment assets.
The price of the pound rose 0.15 percent to 1.3318 dollars in early trading in London, after falling to its lowest level since last December (December) yesterday, reflecting concerns about the effectiveness of vaccines in the face of the new mutation.