USD/CNH struggles to cheer USD weakness near 6.7000 on fresh covid fears By anilpanchal7 USDCNY PBOC Coronavirus Fed RiskAppetite
and the PBOC, as traders witness mixed numbers of late.
That said, China’s Beijing reports the record new covid cases on Monday, which in turn renewed expectations of fresh lockdowns and weigh on the market sentiment. ''The city reported 99 cases for Sunday, up from 61 on Saturday,'' said Bloomberg. During the weekend, Reuters reported that Shanghai's central Jingan district, a key commercial area of the Chinese financial hub, will require all supermarkets and shops to shut and residents to stay home until at least Tuesday.
It’s worth noting, however, that the Mainland China's new coronavirus cases eased to 869 from 898 prior. Elsewhere, the People’s Bank of China’s rate cut contrasts the Fed’s rate hike bias and underpins the USD/CNH bullish trajectory, even as repeated Fedspeak favoring 50 bps joined the mixed US data weighed on the quote the last week.but the optimists keep the reins of late. That said, the US 10-year Treasury yields rise by around 1.5 points to 2.80% whereas the S&P 500 Futures add near 1.0% gains, to 3,940 at the latest, by extending recovery from the one-year low marked during the last week.
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