Euro gives up week high with eyes on Omicron

Euro fell in European trade against dollar away from week highs, resuming the losses after two days of gains away from 16-month lows, with markets calming down again after the initial shock of the new Covid 19 variant Omicron, and as investors await clearer data on its risks and prevention strategies.

EUR/USD fell 0.4% to 1.1260, with an intraday high at  1.1317, after rising nearly 1% on Friday, the second profit in a row, and the largest in 2021, marking week highs at 1.1330.

It's the largest weekly gain since December 2020 as investors shun risks and but low-yield currencies after the Omicron Covid 19 variant spread around the world.

It was first discovered in South Africa, which prompted many country to close travel to this country , and some like Japan and Israel completely shut their borders.

The risks were that Omicron is highly resistant to current vaccines, with cases already reported in the UK, Germany, Canada, Australia, and Hong Kong.

Pfizer said that it'll know in just two weeks whether its vaccine is capable of protecting people from the new Covid19 variant.