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On Tuesday, the Australian dollar (AUD) recovered as sentiment climbed on expectations that China will reopen following COVID shutdowns that have heightened concerns about global development. In contrast, the US dollar (USD) fell slightly across the board today.
Health officials in China said on Tuesday that they would speed up the COVID-19 immunization program for the elderly in a bid to get over a major roadblock in the push to relax contentious “zero-COVID” restrictions.
Meanwhile, risk appetite got worse on Monday, following clashes between protesters and police over the severe COVID limitations.
While police remained present in large numbers on the city’s streets over the weekend, Chinese authorities have begun rooting out some of the protesters.
Australian Dollar Best-Performing Top Currency on Tuesday
The best-performing major currency was the risk-averse Australian dollar, which increased 0.96% to $0.6748 and has a significant correlation to Chinese economic growth.
With Fed Chair Jerome Powell scheduled to speak on Wednesday and November jobs data due on Friday, the Federal Reserve’s interest rate policy is also under the spotlight.
Investors are anticipating the US central bank hitting its peak rate early next year as inflation pressures are predicted to ease, which has caused the US dollar index (DXY) to decline from a 20-year high of 114.78 on September 28 to 106.65 today.
When it meets on December 13–14, the US central bank is anticipated to raise rates by an extra 50 basis points. The fed funds rate is predicted by traders to reach a peak of 4.99% in June before reverting to 4.61% by December 2023.
Following reports that Spain and Germany’s inflation came in below forecasts, attention is also being paid to the Eurozone’s upcoming inflation figures on Wednesday.
Inflation in the eurozone has not peaked, and President of the European Central Bank Christine Lagarde hinted on Monday that there may be additional rate increases in the future.
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