May 05, 2022 - 01:03 PM 259 views
After a four-day holiday break, the Chinese traders are finally
back in their markets with some good news coming out of the city authorities
about the coronavirus outbreak.
As per the CCTV footage, the COVID cases in Shanghai have
decreased to a small number while in Beijing, the new infections have been
On Wednesday, the Shanghai city reported 4,651 cases, which was
slightly lower than Tuesday’s 4,982 COVID cases. According to Bloomberg,
Beijing reported 50 cases on Wednesday and 51 on Tuesday.
It’s clear that the country’s strict measures to avoid COVID are
one of the reasons for the slowdown in COVID cases.
On Wednesday, Beijing closed more than 10% of its bus stations,
and dozens of bus routes were halted.
The Market Reaction
Amid a sharp contraction in China’s service sector activities and
with the recent COVID news, the AUD/USD has adjourned its Fed-inspired
restoration near 0.7265 points. And the pair is currently trading at 0.7244
points, which is down by 0.28% in a day.