ForexLive Asia FX news wrap: China coronavirus outbreak spreads to Beijing

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ForexLive Asia FX news wrap: China coronavirus outbreak spreads to Beijing

Shanghai - A fresh round of mass testing will take place on Tuesday
    Federal Reserve speakers coming on Monday 25 April 2022 ... None (blackout period)
    Onshore and offshore yuan trading lower still
    South Korea's FX authority says its closely monitoring FX movements
    Libya oil complex damaged after armed clashes
    Beijing coronavirus outbreak (and likely lockdowns) weighing on oil
    PBOC sets USD/ CNY mid-point today at 6.4909 (weakest for CNY since August 2021)
    (UK) Amazon to levy a "fuel and inflation surcharge" - customer prices expected to rise
    Japan services PPI 1.3% y/y (expected 0.6%, prior 1.1% )
    UK Times reports the European Union will levy 'smart sanctions' on n oil imports
    Elon Musk / Twitter update. Twitter's board met Sunday on Musk's bid
    Apple supplier Foxconn suspends production at two factories in eastern city of Kunshan
    China - COVID-19 hitting Beijing now
    Germany will increase borrowing plans by nearly 40 bn euros this year
    Some Chinese banks will cut their deposit rate ceiling (& PBOC's lower RRR kicks in today)
    Trade ideas thread - Monday 25 April 2022
    e President Zelensky meets with US Sec State Blinken in Kyiv
    ECB President Lagarde says interest rate hike will not reduce energy prices
    EUR - ECB keen to hike rates as soon as July, end bond purchase program ASAP
    Monday morning open levels - indicative forex prices - 25 April 2022: EUR/USD circa 1.0831
    Newsquawk week ahead preview: US, Eurozone and Aussie inflation data; US Q1 GDP
    It's a huge week for earnings. What to watch for


Industrial metals were hammered in China on Monday, iron ore futures are off 10% as I update. Oil has been hit also. The coronavirus situation in China appears to be worsening. Shanghai has ordered a further round of mass testing for tomorrow (Tuesday)and barriers have been erected in the city with no announcements apparent. Beijing appears to be next in line for lockdown restrictions as cases spread. Grocery stores in the city report empty shelves as consumers rush to stock up.

    Emmanuel Macron won the 2022 French Presidential election. Macron is the first French president to win re-election for two decades, since Jacques Chirac in 2002. The rejection of the far-right alternative Le Pen was seen less as an endorsement for Macron and more as a show of solidarity against Putin and his allies. EUR 'gapped' up from its Friday's closing level on the election result but the retrace was fairly quick (over following hours) and has since extended to lows for EUR/USD under 1.0780. EUR is not the only currency to have lost ground against the dollar today. AUD, NZD, GBP, CAD all down to varying extents.

    Onshore and offshore Chinese yuan (CNY and CNH respectively) have continued their sharp declines against the dollar.

    It was a holiday today in Australian and New Zealand markets.

Source: ForexLive Asia FX news wrap: China coronavirus outbreak spreads to Beijing

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