“I think China is one of the keys for 2023 and what happens with the world economy,” said Chris Gaffney, President of World Markets at TIAA Bank.
Following China’s removal of its quarantine rule for incoming travelers effective January 8, The United States, Japan, India and other countries said they would require COVID tests for those traveling from China.
“If they can recover from the sharp slowdowns we’ve seen, that helps overall growth on a global scale, but on the other hand, it could also lead to higher demand for energy, and more demand means higher prices.” Gaffney said.
After hitting a one-week high against the yen on the eve, at 134.40 units, The greenback was down 1.1% at 133,005 yen, a session low.
The US currency also fell against the Swiss franc to 0.9208 units, its lowest level since March 31. Later it lost 0.71%, to 0.922 units.
Against a basket of six leading currencies, the dollar index fell 0.479% to 103.840 units, after rising 0.18% in the previous session.
According to the Labor Department, the number of people receiving benefits after a first week of aid rose to 1.71 billion in the week ending December 17. So-called continuing applications, an indicator of hiring, have risen since early October.
“Historically, rising grant applications have been an early sign of a slowdown,” said Steve Englander, head of G10 currency research at Standard Chartered.
Source: Ambito
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