China Goes Easy On Covid Zero Policy

China Goes Easy On Covid Zero Policy

Happy Tuesday, dear traders! Every day brings new opportunities to trade! Let’s see what you need to know:

 

Today’s events

07.12, 02:30 GMT+2, Australian GDP

Australian Cash Rate release results

At today's meeting, the Reserve Bank of Australia decided to increase its cash rate by 25 basis points to 3.10%. It also increased the interest rate on foreign currency balances by 25 basis points to 3.00%.

Inflation in Australia is too high: 6.9% per year. Global factors largely explain this high inflation, but strong domestic demand compared to the economy's ability to meet that demand also plays a role. Inflation is expected to rise further in the coming months, with inflation forecast to peak at around 8 percent by the end of December.

The AUDUSD is moving between two trendlines, keeping a short-term uptrend. Most likely, the price will bounce from the support line and reach 0.6800. In case of reversal, the possible target can be 0.6590.

 AUDUSDH4news.png

Other Important news

  • Tesla's stock price fell on reports that the Shanghai plant may cut production.
  • Nearly 20 oil tankers are stuck off the coast of Turkey due to a Russian oil price limit. XRBUSD is 82.30.
  • Contracts for the S&P 500 gained 0.2% after the third day of the S&P 500 decline.
  • Beijing has announced that it will remove Covid testing requirements for most public places, seen as an accelerated step towards exiting the Covid Zero policy.
  • Prices for bitcoin and other cryptocurrencies are falling along with other riskier assets amid fears about the US economy uncertainties.

 

Stay tuned with FBS! Have a great day!

 

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