TOKYO : The Australian dollar hit its strongest level in a week on Wednesday amid a pick-up in risk appetite on signs Omicron may be less severe than other COVID-19 variants, but still vulnerable to existing vaccines.
Meanwhile, the Reserve Bank of Australia said Omicron was not expected to derail the country's economic recovery. "Markets continue to travel with a good deal of optimism that Omicron will not have the severity of prior variants in terms of health outcomes, even if it is more transmissible," Ray Attrill, head of FX strategy at National Australia Bank, wrote in a client note.
The Bank of Canada decides policy later on Wednesday, and while economists expect no change at that meeting, they forecast rate hikes as early as the middle of next year in a recent Reuters poll.
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