U.S. Dollar Was Flat on December 24

The U.S. currency was flat in early trading in Europe on December 24. The world’s reserve currency was on track to end the week lower after encouraging signs from the pandemic rejuvenated global risk appetite, supporting higher yielders. The dollar index, which tracks the U.S. currency against a basket of currencies, stood at 96.06. On December 24, moves in all the main currencies were also minor. 

The euro gained less than 0.1% to $1.1347. The British pound was up a similar amount at $1.3412.

However, the greenback lost between 1% and 1.5% this week against the British pound. The U.S. dollar stuffed losses against Australian and New Zealand dollars as well. The greenback fell nearly 1% against the euro. The dollar strengthened its positions against the Japanese yen as well as the Swiss franc. 

Data released on December 23 that showed sustained inflationary pressure in the U.S. weren’t enough to upset the broader optimism regarding the omicron variant. Scientists in South Africa came to the conclusion that the omicron variant is less likely than all previous dominant strains to lead to serious illness. 

Dollar, lira, ruble, and rand

This week was full of challenges for the Turkish lira. From a high of more than 18 lira last week, the dollar declined to as low as 10.1565 on December 23. The greenback traded at 11.6279 at 3:30 PM.

The Russian ruble was testing its highest point in more than a month after news suggesting that talks with the U.S. to improve the situation may take place in the near future. On December 23, President Vladimir Putin slightly dialed down the tension at his annual press conference. 

The South African rand rose after fresh data showing that the country may soon put its latest infection wave behind it.