Beijing has reintroduced a few minor restrictions (all off-campus and “offline” sports activities for teens would be cancelled starting Sunday). Earlier a spokesperson for the city’s government said a recent outbreak “The recent outbreak … is strongly explosive in nature and widespread in scope“. Which does not sound too good at all.
Even Chinese Communist Party controlled state media is sweating on the latest developments. On the Beijing outbreak referred to above:
- The Global Times reporter learned that some districts in Chaoyang have been locked down for 10 days starting Saturday for being found related to the outbreak.
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Shanghai appears to be back-pedalling a little too. Its China’s largest city of around 25mn people and a key economic hub.
- Authorities ordered PCR testing for all residents in 15 of Shanghai’s 16 districts this weekend, and five districts barred residents from leaving home during the testing period.
Yikes, 5 of 25 districts locked down for the weekend. Its a roller-coaster (not the fun type) there.
There is no end in sight to China’s COVID zero policy. President Xi Jinping with a motivational talk said:
- “Persistence is victory, We must unswervingly adhere to the general policy of ‘dynamic clearing’, strengthen confidence, eliminate interference, overcome paralysing thoughts, pay close attention to the key tasks of epidemic prevention and control, and resolutely consolidate the hard-won results of epidemic prevention and control.”
Join us for the opening of the new FX week Monday in Asia and China markets opening a few hours afterwards.
aud
AUD
The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central banking authority tasked with the management and issuance of AUD banknotes.What Factors Affect the AUD?The AUD is more susceptible than other currencies to macroeconomic factors. Overall, monetary policy is the largest mover of the currency, including interest rate differentials.Beyond Australia, commodity prices such as those of precious metals and others are also important to the AUD and can cause fluctuations in its value relative to other currencies.Global risk sentiment and confidence are also indicators that are closely tracked given their correlation to the AUD.This is due to the AUD being seen as a commodity currency, and also used as one of the most popular growth and risk proxies in global financial markets.Any positive mood in the global market will likely cause the AUD to climb, while if there is a prevailing pessimism, the AUD will often decline.On a domestic scale, government credit ratings can also impact the AUD. Australia’s credit rating influences the risk profile of its debt.This trend directly influences the cost the government has to pay on the debt it owes.
The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central banking authority tasked with the management and issuance of AUD banknotes.What Factors Affect the AUD?The AUD is more susceptible than other currencies to macroeconomic factors. Overall, monetary policy is the largest mover of the currency, including interest rate differentials.Beyond Australia, commodity prices such as those of precious metals and others are also important to the AUD and can cause fluctuations in its value relative to other currencies.Global risk sentiment and confidence are also indicators that are closely tracked given their correlation to the AUD.This is due to the AUD being seen as a commodity currency, and also used as one of the most popular growth and risk proxies in global financial markets.Any positive mood in the global market will likely cause the AUD to climb, while if there is a prevailing pessimism, the AUD will often decline.On a domestic scale, government credit ratings can also impact the AUD. Australia’s credit rating influences the risk profile of its debt.This trend directly influences the cost the government has to pay on the debt it owes.
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