Yen, franc surge as new virus variant rattles markets

Yen, franc surge as new virus variant rattles markets ...

During last week, the Japanese dollar surged. The Australian dollar remained weak, and the Norwegian crown fell short, as the investors fled from the village to shelter for the new coronavirus variant which was able to resist current vaccines.

Shortlisted US markets for Thanksgiving holidays meant market moves were much more volatile in thin trading as traders dropped long pips in the euro and the dollar.

The recent trend that was launched in the sky saw some spread for the first time that has been little known yet: the new COVID-19 variant - discovered in South Africa, Botswana and Hong Kong, and yet still not known yet. But scientists reckon its mutations in the type could help to evade immune responses or make it more transmissible.

The yen jumped 1% against the dollar while the euro dropped to nearly 6-1/2 year lows against the Swiss franc at 1.044 francs per euro.

"This is a textbook flight from yen to Swiss franc on the new virus strain with the thin liquidity also a factor which might accelerate the unwinding of short-term borrowing positions," said Kenneth Broux, a strategist in Societe Generale in London.

Britain said the new variant was considered to be the most significant one yet found in Britain, which due to its cancellation and cancellation of flights to countries in a few countries, the earliest thought of the new variant and the strongest yet found variant.

Sterling slipped to an upper 2021 low, below $1.33.

Even the high flying Norwegian crown, fell, up 1% versus the dollar and the euro respectively.

Those gains for yen, franc and euro drove the dollar index =USD further away from Wednesday's 96.938, its highest since nearly 17 months. It traded at 96.60 last month, the lowest in 0.2%.

In the note to clients, the economists say that the current situation is too early to assess economic consequences but that new wave could cause serious economic damage."

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