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Monday, January 30, 2023

Super dollar falls and yuan revives on hopes of relief from Chinese policy against Covid-19

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China to speed up vaccination against Covid-19 virus among the elderly, health authorities declared on Tuesday, aiming to overcome a key stumbling block in efforts to ease unpopular “zero-COVID” policy restrictions.

The offshore yuan was up 0.9% at 7.1850 per dollar. The yuan on the mainland was up 0.6% at 7.1666 per dollar.

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The dollar index, which rebounded in the previous session due to growing concern about the COVID-19 situation in China, it was down 0.4% at 106.19.

The British pound strengthened 0.7% to $1.2043, while the Japanese yen added 0.75% to 138.19 per dollar.

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The euro was up 0.4% at $1.0380, not far from the five-month high of $1.0497 hit on Monday.

European Central Bank President Christine Lagarde declared that euro zone inflation had not peaked and risked being even higher than expected, hinting at a series of interest rate hikes. .

Economists polled by Reuters expect euro zone inflation to come in at 10.4% year-on-year.

The market will closely follow the comments of the Fed Chairman, Jerome Powell on Wednesday, looking for further signs of further tightening, and US jobs data for November to be released on Friday.

The US central bank is expected to raise rates by an additional 50 basis points when it meets on December 13-14.

Source: Ambito

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