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The dollar index is stable and higher-risk currencies have risen as traders bet on Tuesday that the Omicron variant of COVID19 is not as serious as previously expected.

Earlier this week, 4,444 Asian stocks rose overnight and oil prices rose as risk appetite improved after reports of Omicron cases showing only mild symptoms in South Africa.

Anthony Fauci, a major infectious disease official in the United States, told CNN on Sunday that “it doesn’t seem to have a significant severity level yet.”

“The generally oversold commodity FX segment is likely to experience significant short squeeze, as the market is concerned about the calming of Omicron,” the ING strategist wrote in a client note.

The AUD led the rise on Tuesday, rising 0.6% to $ 0.70915 at 0902 GMT after the Reserve Bank of Australia’s meeting, expanding Monday’s rise to the highest rate of increase in seven weeks.

The RBA made no policy changes, but said Omicron was not expected to affect the country’s economic recovery. Analysts said market speculation about a faster restraint on central bank bond purchases also helped the currency.

“Omicron’s impact is ultimately key to short-term policy direction, but the RBA is among central banks (such as the Fed) who currently do not believe that new variants will actually undermine recovery and policy planning. It’s clearly positioned, “said ING.

“This is a concept that can continue to support the Australian dollar in the coming weeks as there are a lot of shorts to rewind.”

New Zealand dollar also rose 0.1% to $ 0.6764. Was stable at $ 1.3257.

Meanwhile, the dollar index was flat at 96.363, while the safe haven yen fell 0.2% against $ 113.705.

The People’s Bank of China (PBOC) has stated that it will reduce banks’ cash reserves, so China’s developments have also been added to stop risk. This is the second time this year and is seen as a way to free liquidity to support economic growth.

After the announcement of , the yuan was eased both onshore and offshore (because rising liquidity usually hurt the currency), but as traders wanted more help to stop the slowdown, the yuan Rose.

At 0904 GMT, the yuan rose about 0.1% to 6.3697.

Elsewhere, the euro fell 0.2% to $ 1.1263, but is still squeezed by expectations that the US Federal Reserve will tighten monetary policy faster than the cautious European Central Bank.

Germany’s industrial production rose faster than expected in October. This is a rare sign of strength in the manufacturing industry. However, analysts warned that bottlenecks in the supply of raw materials and intermediate goods would continue to impede production in Europe’s largest economy.

The market focuses on the ZEW survey on Germany’s economic situation around 1000 o’clock Greenwich Mean Time.

Also focused on a video conference between US President Joe Biden and Russian President Vladimir Putin, Biden faces the toughest economic sanctions to date if Russia invades Ukraine. Is expected. The Russian ruble was strengthened before the appeal.

Major cryptocurrencies continued to recover after the weekend crash. Bitcoin rose about 1.6% to $ 51,339.5, down from last month’s record high of $ 69,000.