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Sentiment Improves As Covid Community Transmission In Shanghai Grinds To Halt

FOREX

Market sentiment turned positive in Asia hours as Shanghai declared zero new infections in the community, which triggers countdown to easing restrictions. Under the current guidance, the megacity could relax curbs after three consecutive days of no community transmission.

  • Glimmers of hope provided by Shanghai Covid numbers generated light risk-on flows across G10 FX space. The Antipodeans pace gains as we type, while the greenback brings up the rear.
  • AUD/NZD oscillated around neutral levels after finding support near the 50% Fibo retracement of its Apr 25 - May 4 rally at NZ$1.0987 over the past two days.
  • Offshore yuan regained poise as China's inflation figures topped expectations. Spot USD/CNH pulled back to a session low of CNH6.7318 before unwinding some of its data-inspired losses.
  • Focus turns to the much awaited consumer inflation report from the U.S. Separately, Germany will release its final CPI figures.
  • The central bank speaker slate abounds with ECB members, including President Lagarde. Fed's Bostic is also set to make an address.
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