AIRLINK 74.85 Increased By ▲ 0.56 (0.75%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.49 Increased By ▲ 0.12 (2.75%)
DFML 40.00 Increased By ▲ 1.20 (3.09%)
DGKC 86.35 Increased By ▲ 1.53 (1.8%)
FCCL 21.36 Increased By ▲ 0.15 (0.71%)
FFBL 33.85 Decreased By ▼ -0.27 (-0.79%)
FFL 9.72 Increased By ▲ 0.02 (0.21%)
GGL 10.45 Increased By ▲ 0.03 (0.29%)
HBL 112.74 Decreased By ▼ -0.26 (-0.23%)
HUBC 137.44 Increased By ▲ 1.24 (0.91%)
HUMNL 11.42 Decreased By ▼ -0.48 (-4.03%)
KEL 5.28 Increased By ▲ 0.57 (12.1%)
KOSM 4.63 Increased By ▲ 0.19 (4.28%)
MLCF 37.80 Increased By ▲ 0.15 (0.4%)
OGDC 139.50 Increased By ▲ 3.30 (2.42%)
PAEL 25.61 Increased By ▲ 0.51 (2.03%)
PIAA 20.68 Increased By ▲ 1.44 (7.48%)
PIBTL 6.80 Increased By ▲ 0.09 (1.34%)
PPL 122.20 Increased By ▲ 0.10 (0.08%)
PRL 26.58 Decreased By ▼ -0.07 (-0.26%)
PTC 14.05 Increased By ▲ 0.12 (0.86%)
SEARL 58.98 Increased By ▲ 1.76 (3.08%)
SNGP 68.95 Increased By ▲ 1.35 (2%)
SSGC 10.30 Increased By ▲ 0.05 (0.49%)
TELE 8.38 Decreased By ▼ -0.02 (-0.24%)
TPLP 11.06 Decreased By ▼ -0.07 (-0.63%)
TRG 64.19 Increased By ▲ 1.38 (2.2%)
UNITY 26.55 Increased By ▲ 0.05 (0.19%)
WTL 1.45 Increased By ▲ 0.10 (7.41%)
BR100 7,841 Increased By 30.9 (0.4%)
BR30 25,465 Increased By 315.4 (1.25%)
KSE100 75,114 Increased By 157.8 (0.21%)
KSE30 24,114 Increased By 30.8 (0.13%)

NEW YORK: Easing Omicron COVID-19 variant worries and a timely booster shot of Chinese stimulus helped lift riskier currencies on Tuesday with the Australian dollar leading the charge. Global stock markets and oil gained, leaving traders to dump safe-haven currencies and bonds, as markets took confidence from reports in South Africa earlier in the week saying that Omicron cases there had only shown mild symptoms.

On Sunday, the top US infectious disease official, Anthony Fauci, told CNN “it does not look like there’s a great degree of severity” so far. Developments in China contributed to the risk-on tone, as the People’s Bank of China (PBOC) said it would lower the amount of cash that banks must hold in reserve. This was its second such move this year and is seen as a way to release liquidity to support economic growth.

The Australian dollar, seen as a liquid proxy for risk appetite, gained ground on Tuesday after the Reserve Bank of Australia (RBA) expressed confidence that the emergence of the Omicron variant would not thwart economic recovery.

The Aussie rose to a five-day high, rebounding from the 13-month low touched last week, to trade up 0.6% at $0.7091. “The Australian dollar is leading gains among the major currencies on the session following comments from the RBA indicating that it did not expect the Omicron variant to derail the recover,” Shaun Osborne, chief FX strategist at Scotiabank, said in a note.

“That seems to be developing into a broader working theory for markets as the variant appears - at the moment- to be more infectious but less deadly than the Delta (variant),” Osborne said. The US dollar was firmer versus its major currency peers, with the US dollar Currency Index up 0.2% at 96.508, a 1-week high.

Data on Tuesday showed the US trade deficit narrowed sharply in October as exports soared, potentially setting up trade to contribute to economic growth this quarter.

Comments

Comments are closed.