The currency market has managed to calm down after the initial shock of Omicron’s discovery last Friday. AUD, MXN, and South African Rand all bounced back. Safe-haven currencies such as JPY weakened to 113.6690 per dollar. Last Friday, USDJPY reached 113.05 at one point, surging as much as 2%. Bitcoin has also edged higher, currently trading at 57,421.99, recovering from Sunday’s 1.5-month low at 53,308.93. Vaccine makers have reacted fast, saying that they will be able to reformulate the drugs in a short timeframe. This confirmation has offered traders much assurance.
In Germany, inflation surged more than expected in November. Prices increased at 6% on an annual basis. Gas rose by 5.2%, reaching the highest level since 1992. Elsewhere in the Eurozone, both Spain and Belgium have reported high inflation at 5.6%. The current Eurozone inflation level has far exceeded the 2% target, but ECB insists that the price pressure will not last long.