Sterling holds above 11-month lows on Omicron concerns

Sterling held above an 11-month low on Monday as calm returned to global markets after the discovery of the Omicron coronavirus variant on Friday prompted investors to dump the British currency. South Africa discovered the Omicron variant last week, prompting countries to rush to tighten border controls and sending markets into a tailspin on Friday. Investors worry that more lockdowns would water down expectations of rate hikes, a key factor that has held up the pound in recent weeks.