US President Biden was informed on Sunday that, it will take about two weeks before definitive information on Omicron becomes available. This new COVID variant has sparked new travel restrictions in many countries and has also shaken financial markets around the globe. The variant was first detected in South Africa and has been confirmed in countries including Australia, France, and Canada. Whether or not it is present in the US is still in question. The markets have recovered from Friday’s chaos when the news was first released. Currently, DXY Index is trading at 96.20, up about 0.11%. Riskier currencies such as AUD dipped to 0.7113 against USD on Friday, the lowest in three months. Currently, it is trading at 0.7144, recovering most of the loss.
As investors prepared to wait a few more weeks to get the confirmation, US stock futures rebounded on Monday. Last Friday, all indices suffered a sharp fall with airline stocks hitting the hardest. Oil prices also bounced more than $3 a barrel from Friday’s decline.