Not much has changed in the forex market on Wednesday with the market being in a wait-and-see mode. The omicron variant creates uncertainty for the economic outlook and while tightening central bank policies fight inflation, the omicron variant threatens to impede the economic recovery. Many questions about the strain still remain unanswered and investors will keep a close eye on how governments chose to respond. In case of new strict lockdowns, the market’s mood will quickly change and bears will gain control across the board. In absence of immediate lockdowns, the currencies’ performance will hinge on risk appetite.
EUR/USD: We anticipate the euro to trade between 1.1420 and 1.1250.
GBP/USD: Below 1.3240, we expect further losses toward 1.3170 while on the upside, we see a next resistance at around 1.34.
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