USD/CNH slumps to one-week low below 6.6700 as China eases covid restrictions for travelers

USD/CNH plummets almost 200 pips on upbeat headlines from China. China reduces quarantine time for international travelers, vows timely policy measures to cope with economic risks. Sellers remain as G7 updates challenge riskon mood. US CB Consumer Confidence, Fedspeak eyed for fresh impulse. USD/CNH takes offers to renew intraday low around 6.6685 as sellers cheer … Read more

China’s economy improves in June from lockdown-induced slump – Bloomberg Economics

China’s economy showed some fresh signs of life in June as the country gradually emerged from the covid-induced lockdowns, but the recovery remains muted, Bloomberg Economics’ aggregate index of eight early indicators showed on Monday. Key takeaways The overall gauge returned to the neutral level after deteriorating for two straight months. Economic activity picked up … Read more

Steel price extend losses after three-day consolidation as China oversupply fears escalate

Steel prices have to witness a steep fall after a three-day consolidation. Oversupply of steel has resulted in has pushed the steel prices to four-month lows. Zero Covid-19 policy in China will keep the steel prices on the tenterhooks. Steel prices have weakened further after a three-day consolidation on the Shanghai Futures Exchange. The asset … Read more

AUD/USD fades bounce off monthly low near 0.7000 as covid woes join pre-Fed anxiety

AUD/USD retreats towards one-month low during the four-day downtrend as market sentiment remains sour. Beijing Sports Authority announces suspension of offline sports, CME’s FedWatch Tool hints at 75 bps rate hike in June. Risk-off mood joins firmer US Treasury yields to favor US dollar. AUD/USD renews selling pressure towards retesting the monthly low of 0.7000 … Read more

USD/CNH retreats from weekly high as sellers attack 6.7000 on mixed China inflation

USD/CNH snaps three-day uptrend following unimpressive China CPI, PPI. Shanghai and Beijing unveiled fresh activity restrictions after dialing back some a few days back, mass testing is on the way. Risk-off mood ahead of US inflation data challenge bears. USD/CNH pulls back from a weekly top, refreshing an intraday low around 6.6950, even as China’s … Read more

WTI steadies around $119.00 despite renewed lockdown fears in China

Oil prices have been less impacted due to renewed anxiety concerns in China. The oil shortage due to the ban on Russian oil imports won’t get offset sooner. The rising demand for gasoline in the US economy in peak summers will strengthen the oil bulls further. West Texas Intermediate (WTI), futures on NYMEX, is holding … Read more

Shanghai to end lockdown, Beijing remains hopeful

Markets in Asia cheer news that China will essentially end the Shanghai lockdown on Wednesday. Beijing, however, remains restricted, despite the no. of covid cases declining and officials indicating ready on the weekend, they are to ease restrictions in parts of the capital. Capital Beijing eased mobility curbs in several districts after authorities said its … Read more