Forex News May 02, 2022

 

China

  • Beijing has announced that another three rounds of COVID-19 testing will be conducted in 12 districts.
  • The tests are expected to take place between the 3rd and 5th of May, and will include Beijing’s Chaoyang district, which previously stated that two rounds of mass testing would take place on the 1st and 3rd of May.
  • At this point, one has to wonder if China will ever draw a line in the sand regarding the economic costs of its current “zero COVID” policy. However, given its sense of pride and ego, it may not be until the infection spreads to a much larger global audience. Otherwise, it will appear that Xi’s strategy has failed, which he will not tolerate.
  • For markets, this simply means that more disruptions to supply chains in general will occur, and the ramifications of higher raw material and shipping costs will be felt for a longer period of time.

RBA

  • The RBA will need to do more to help the Australian dollar recover.
  • This week is all about central banks.

Read More... 

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