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Forex Weekly Analysis and Outlook – US Dollar, Euro, Japanese Yen, British Pound, Swiss Franc, Canadian Dollar, Australian Dollar, New Zealand Dollar,
[See the full post at: Forex Weekly Outlook – The US Dollar Continues Pullback with Risk-On Flows]Chinese yuan on Monday at one-week highs on easing of lockdown restrictions
USD/CNY trades down to 6.64 levels, lowest since 23 May on the day, hovering around 6.64 levels currently.
The strengthening in the yuan comes as China is scaling back on lockdown measures in Shanghai and Beijing, with the former also introducing measures to bolster the local economy:
Over the weekend China’s largest city Shanghai revealed a 50-item plan to help revive the city’s economy
Local officials in unveiled the 50-point plan.
Includes measures such as:
Delaying collection of social insurance fees for food service, retail, tourism, civil aviation, land, water and rail transportation businesses
Delaying tax filing deadline for qualified individuals and companies
6-month rent reduction for small businesses that rent from state-owned properties
30% subsidy for private-owned properties that reduce rent for tenants. /3
Property and land tax waivers for Q2,3 for qualified businesses
600/head subsidy for hardest-hit businesses that didn’t lay off workers
2000/head subsidy for companies that employ graduating students in 2022 or those who’ve been unemployed for 3 months or longerThe USD is the strongest and the NZD is the weakest Monday morning after the 3-day Memorial Day holiday.
It is month end today, which can influence flows.
US stocks are lower.
Oil is higher as the EU agrees to Russia oil embargo from the end of the year (with caveats). Crude oil traded to $119.40 today.
US yields are higher across the board.
The EU flash inflation reached 8.1%, a 23 year record.
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