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Ekonomické zprávy
02.12.2021

European session review: USD remains under pressure after first reported Omicron case in U.S.

TimeCountryEventPeriodPrevious valueForecastActual
07:30SwitzerlandRetail Sales (MoM)October0.1% 0.7%
07:30SwitzerlandRetail Sales Y/YOctober2.6% 1.2%
10:00EurozoneProducer Price Index, MoM October2.8%3.5%5.4%
10:00EurozoneProducer Price Index (YoY)October16.1%19%21.9%
10:00EurozoneUnemployment Rate October7.4%7.3%7.3%


USD fell against most of its major rivals in the European session on Thursday, as yesterday’s reports about the first confirmed case of the new coronavirus variant Omicron in the U.S. continued to weigh on investors’ sentiment.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.13% to 95.91.

Meanwhile, the drop was limited by expectations that the Federal Reserve could pursue a more aggressive policy approach to rein in surging inflation in the U.S. The Fed Chairman acknowledged the increased risk of persistent inflation earlier this week and said the policymakers would discuss speeding up tapering at their December gathering, adding that, in his view, it’s appropriate to consider wrapping up taper a few months sooner.

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