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The detection of the highly mutated strain of COVID-19, omicron, has heightened uncertainty among investors heading into this week’s Federal Reserve meeting.

Sterling briefly fell to its weakest position so far this year versus the US dollar on Wednesday, after Boris Johnson’s government announced new restrictions to tackle the latest wave of COVID-19 infections.

The major currencies were largely rangebound on Monday, although we have seen a bit of a sell-off in the safe-havens, as all signs so far suggest that the new omicron variant of COVID-19 only leads to mild symptoms.

The safe-haven currencies outperformed last week as a hawkish turn from Fed chair Powell added to the uncertainty in financial markets.

The emergence of the Omicron variant of COVID shocked financial markets last week, supporting the safe-havens and sending risk assets sharply lower.

The US dollar continued to rally against most major currencies last week on rising expectations for Federal Reserve interest rate hikes.

Victor Tuson to drive forward the next stage of Ebury’s technological development across the globe as the new CTO.

The Chinese yuan (CNY) has been one of the most resilient emerging market currencies in the world since the outbreak of the COVID-19 pandemic in the first quarter of 2020. Its performance so far in 2021 fully validates our view that it can now be considered a hard currency, rather than an emerging market one. But what about the other markets?

The dollar rallied against every other major currency last week after the release of another blowout US inflation report.

Partnership between one of the largest banks in the world and a leading global fintech to support businesses in Germany with international trade. This is the first formal partnership between the two parties since Banco Santander invested approximately €400m in Ebury in 2020 to improve services for SMEs.