USD/CNH pares weekly gains near 7.1400 amid mixed concerns over Covid, China GDP – by anilpanchal7 USDCNY RiskAppetite Coronavirus GDP Fed
so, the offshore Chinese Yuan pair drops 0.10% intraday while consolidating the second weekly gain in a row.
Bloomberg said that China’s daily Covid infections climbed to a record high, exceeding the previous peak in April, as it battles an outbreak that has grown since the country adopted a more targeted approach to containing the virus.
On the other hand, the latest Federal Open Market Committee Meeting Minutes signaled that the policymakers discussed the need of slowing down the interest rate hikes. Additionally weighing on the Greenback were chatters over the “sufficiently restrictive” level of the Federal Reserve’s interest rates, as indicated in theFurthermore, mostly downbeat US statistics offered an extra favor to the USD/CNH bears.
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