HONG KONG : The dollar was quiet at the start of a week in which central bank meetings, including by the Federal Reserve, will likely drive currency markets, while sterling fell slightly after Boris Johnson warned about the impact of the new COVID-19 variant.
On Monday, the euro inched higher to US$1.1316 while the yen lost a little ground to 113.51 per dollar. Markets have swung widely since the new strain emerged due to worries it could have a major impact, initially driving flows to safe-haven assets. Reports that it may not be as bad as feared caused these flows to reverse last week.Breaking news about the Omicron variant aside, the most significant scheduled events for currency markets this week are central bank policy meetings, with six of the G10 central banks and a number of emerging-market central banks set to meet.
Traders now see a more than 50per cent chance of a rate hike by May 2022, according to the CME Group's FedWatch programme.
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