“What is happening in China will take center stage,” he said. Joseph Capurso, of the Commonwealth Bank of Australia in dialogue with Reuters. “There seems to be some increased restrictions on the movement of people, and I think there will be unavoidable economic impacts.”
Beijing warned on Monday that it is facing its most severe test in the COVID-19 pandemic., with an increase in cases that caused new restrictions. Also deaths from the virus were recorded in the capital for the first time since May.
The analysts of MUFF pointed out that the more cautious comments of the authorities of the Federal Reserve they were also a factor in the loss of momentum of the dollar on Tuesday. The main factor that drove the movements of the dollar in recent months were market expectations about how aggressively the Fed will raise interest rates.
The greenback has been weakening this month in the hope that The United States is nearing the end of its rate hike cyclealthough more aggressive comments from the monetary authorities interrupted this trend at the end of last week, also contributing to the gains on Monday.
The new bout of risk aversion Chinese related weighed above all on the coins of the antipodes -often used as liquid substitutes for the yuan- and The Australian dollar gave up almost 1% on Monday. On the day it recovered some losses, rising 0.24% to $0.6631, while the US currency lost 0.5% against the offshore yuan to 7.1412 after gaining 0.7 % at night.
In cryptocurrencies, the bitcoin touched a new two-year low on Monday at $15,479amid jitters over the health of the cryptocurrency broker Genesiswhose lending unit suspended bailouts last weekciting the fallout from the FTX collapse.
Source: Ambito
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