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Chinese Yuan Extends Gains On Covid Developments, Fed's Powell In Focus

  • Wires have reported that authorities in the Chinese capita, Beijing, have stated that community testing for COVID-19 can be dropped for those not needing to venture outside. This comes a day after officials in the city of Guangzhou, "announced late on Tuesday they would allow close contacts of COVID cases to quarantine at home rather than being forced to go to shelters", according to Reuters.
    • The Chinese Yuan has extended yesterday’s rally with CNY now up 1.02% and CNH 0.84% against the USD. The weaker greenback is acting as an additional tailwind for the Yuan.
  • Coming up, we have a slew of US data including ADP employment, MNI Chicago PMI, JOLTS job openings and the release of the Fed’s Beige Book. Fedspeak from Bowman and Cook is also due, although their comments will be overshadowed by Chair Powell’s latest address, covering the economic outlook and the labour market.

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