LONDON, Jan 4 — The US dollar rose to a five-year high versus the yen today, boosted by expectations of US Federal Reserve rate hikes, as investors bet that the fast-spreading Omicron coronavirus variant would have limited economic impact.The dollar’s gains were helped by a rise in US treasury yields, as investors bet on the Fed raising rates, with the US 2-year and 5-year notes soaring to their highest since March 2020.
Versus the yen, the dollar was up 0.4 per cent at 115.835, extending its overnight gains to reach its highest since January 2017.Investors see Omicron as potentially less disruptive to the global economy than previous variants, following studies suggesting that the risk of hospitalisation is lower. Asia’s factory activity grew in December as companies withstood rising global cases of the Omicron variant, though persistent supply constraints and rising input costs clouded the outlook for some economies.
Risk-sensitive currencies were generally up in early European trading. The Australian dollar, which is seen as a liquid proxy for risk appetite, was up 0.2 per cent at US$0.72105, even as hospitalisation in the state of New South Wales surpassed the record levels seen during the Delta variant outbreak.Britain’s pound was steady at US$1.3485, while euro-sterling edged down to its lowest since February 2020, 83.675 pence per euro, shortly after 0800 GMT.
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