- The USDIndex held fractionally lower below 106.00 following a short week and a hit in risk sentiment and stoked uncertainty.
- USDJPY drifted by 0.80% to 138 in a blow to risk appetite, by protests in China, a manufacturing powerhouse and Southeast Asia’s top trading partner, which flared for a third day and spread. – How will the government react to the wave of civil disobedience when COVID cases are rising ?
- Chinese Stocks & Yuan slump! – The dissent toward President Xi is greater than ever, as protestors in Shanghai urge for Xi resignation.
- Stocks – Wall Street closed in the red, while it has gapped down today as global equities tumbled on China unrest (NASDAQ -0.52%, S&P -0.03%. Apple set to lose 6 million Iphones professionals from tumult at China plant (Friday’s close -1.96%) – production could slump by 30% in its main Zhengzhou plant in central China.
- EUR – rebounded to 1.0395.
- GBP – holds below 200-day SMA, at 1.2065.
- USOil – -3.11% tumbled from 2-month support at $75 to $73.90 today, as China’s covid zero policy is put to the test, clouding the energy demand outlook.
- Gold – at $1750, under pressure along with the overall commodity market.
- BTC – slumps as uncertainty prevails. Currently at $16,168.
Today – There is a heavy data calendar that includes nonfarm payrolls on Friday. ECB President Lagarde & FOMC Member Bullard speak today.
Biggest FX Mover @ (07:30 GMT) AUDJPY (-1.80%), used as a liquid proxy for the Yuan declined to 92.14. MAs aligning lower, MACD histogram & signal line negative & falling, RSI 22 & OS, H1 ATR 0.2566, Daily ATR 0.9899.
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Andria Pichidi
Market Analyst
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