The US dollar resumed its gains about two hours after the opening of the European markets for today’s session, Tuesday, the seventh of December, as the general index of the American dollar is trading at an increase of more than 12% at 96.37 levels, after trading and weak movements since the middle of the European session yesterday, Monday, benefiting from the decline in concerns about the variable of the new strain Omicron, which supported the gains of US markets yesterday, and supports European and Asian markets today, amid the absence of economic data affecting market movements.

Reports from South Africa stated that despite the increase in cases of infection in South Africa with the new strain, the infection is considered mild compared to the previous Delta strain, and that it is premature to draw definitive results, but they feel comfortable and the degree of risk appears to be much lower than expectations.

This supported the market sentiment and increased risk appetite in the markets, causing the US dollar to rise, with high expectations in the markets regarding the acceleration of the pace of reducing purchases at the Bank’s meeting next week, and high expectations that inflation would exceed expectations next Friday.

On the other hand, the preliminary reading of the ZEW survey, which measures business confidence in Germany and the eurozone, showed that the German index fell by 1.8 points to 29.9 points in the December survey, better than expected, while the index that measures confidence in the euro area rose to 26.8 points.

The Euro, in turn, after testing its lowest level during the session at 1.1255, is recording some gains now, taking advantage of the economic data issued by the Eurozone, which came better than expected.