The euro / dollar pair remains trading in a sideways trend
By the end of the week, major currencies closed with growth, except for the yen. Australian dollar (+ 1.41%), New Zealand dollar (+ 1.27%), British pound (+ 1.16%), Swiss franc (+ 0.75%), euro (+ 0.68%), Canadian dollar ( + 0.60%). The Japanese yen fell 0.55%.
On Friday, December 24, trading in the single currency closed down. The euro fell in price against the dollar by 0.07%, to 1.1319. Trader activity was low due to the Christmas holidays in the US and Europe.
In the first half of the day, buyers tried to continue the rally on optimism, caused by reports that the Omicron strain is less dangerous than previous variants of the coronavirus. A number of recent studies have shown that the risk of hospitalizations infected with Omicron is significantly lower compared to the Delta variant. The euro / dollar pair fell from the reached maximum of 1.1344 to the level of 1.1304.
Scheduled statistics (GMT +3):
The major currencies are showing mixed performance on Monday. Markets are closed in New Zealand, Australia, Canada and the UK. At the same time, market participants ignore the growing number of infections with the new Omicron strain in the UK (+122 thousand), France (+104 thousand), Australia (+9.9 thousand) and other countries. At the same time, the increase in deaths from this variant of the strain does not increase. If there is no surge in deaths in two weeks, the market will stop paying attention to news about the coronavirus in the future.
During the month, the price is in a sideways trend with the boundaries of 1.2225-1.1360. At the time of this writing, the euro is worth 1.1317. Trades take place in the upper part of the corridor. A narrowing formation with boundaries 1.1305-1.1345 has formed inside it.
This is a festive week, and therefore trading volumes on the foreign exchange market are low. The economic calendar is blank. Strong movement in any direction can be expected.
Summary: on Friday the EUR / USD pair closed down. Many market participants took holidays for the Christmas and New Year holidays. A recovery in trading volumes is expected after January 3, 2022.