ANZ analysts pointed to a sharp jump in traffic in China’s 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent”.
The dollar has fallen because aggressive interest rate hikes by the U.S. Federal Reserve are no longer expected. Central banks for other major economies, though, are continuing with bigger rate increases even as inflation has eased. “The crude demand outlook needs a clear sign that China’s reopening will be smooth, and that the U.S. economic growth momentum does not deteriorate quickly,” OANDA analyst Edward Moya said in a note.
Source: News Formal (newsformal.com)
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