Forex Today: Rumour China Poised to Amend Zero COVID Policy Boosts Risk

As protests abate, a rumour emerges that the Chinese government is considering amending its zero COVID policy, boosting stocks and other risky assets.

 

   
  1. Angry protests in China over zero COVID measures have died down over the past 24 hours, amid a strong rumour that the Chinese government is considering amending the policy. The prospect of this has given a boost to stock markets and riskier assets, with an especially strong impact on the Australian and New Zealand Dollars, and WTI Crude Oil. It is likely that this will put the AUD/USD currency pair in focus in the Forex market today if the current US Dollar weakness persists.
  2. The crypto lender BlockFi has filed for bankruptcy after it suffered exposure to the collapse of FTX.
  3. There will be a release of Canadian GDP data today.
  4. There will be a release of US CB Consumer Confidence data today.
  5. The Governor of the Bank of England will be testifying before the British Parliament today.
  6. Daily new global coronavirus cases rose slightly last week but remain at historically low levels.  
  7. It is estimated that 68.5% of the world’s population has received at least one dose of a coronavirus vaccination.
  8. Total confirmed new coronavirus cases worldwide stand at over 646.5 million with an average case fatality rate of 1.03%.  
  9. The rate of new coronavirus infections appears to now be significantly increasing only in China, Japan, the UK, and Venezuela.  
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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