SINGAPORE : The dollar climbed on Monday as sentiment soured after China said it is sticking with its strict COVID restrictions, quashing hopes of an imminent reopening in the world's second-largest economy which had earlier fired a broad rally in riskier assets.
The dollar gained 0.9 per cent on the Chinese offshore yuan to 7.237 in early Asia trade, while the risk-sensitive Australian and New Zealand dollars were also among the biggest losers, both falling nearly 1 per cent.The two currencies were huge beneficiaries of a broad rally on Friday - rising nearly 3 per cent - as speculation that China could soon end its COVID restrictions gathered pace and buoyed risk appetite.
"Any rally in the Aussie, as well as the other currencies, will likely prove short-lived, given China is still very committed to its approach to the COVID outbreaks," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.Investors were also assessing Friday's U.S. jobs report which showed that firms added a more-than-expected 261,000 jobs in October and hourly wages continued to rise, evidence of a still-tight labor market.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China says will not waver in its 'dynamic-clearing' COVID-19 strategyBEIJING: China will 'unswervingly' stick to its zero-COVID policy and persevere with its 'dynamic-clearing' approach to COVID-19 cases as soon as they emerge, health officials said on Saturday (Nov 5). China is the last major economy wedded to a strategy of extinguishing outbreaks as th
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China will not waver in its 'dynamic-clearing' Covid-19 strategy, health commission saysChina’s current strategy is still able to control Covid-19, a health official said. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
China posts 6-month high COVID-19 count as it sticks with strategyBEIJING: China on Sunday (Nov 6) reported its highest number of new COVID-19 infections in six months, a day after health officials said they were sticking with strict coronavirus curbs, likely disappointing
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
“Give Us Freedom” says people in China in covid-19 lockdownsAlmost a hundred cities in China are now under limited or full lockdown as Xi Jinping country continues to implement its zero-COVID policy but on social media, u cina peasants har..remembered wuhan? giv u all freedom wat? wat happenned u ahchoo thruout d whole wide world ow mannee die in yr kuntree hands? sum of u id10T even hid yr sickness & went 2 paris 4 a holidae..
Source: IndependentSG - 🏆 9. / 63 Read more »
Online outcry after China fails to announce easing of Covid-19 controlsMany Chinese were disappointed when a Saturday press conference upheld the 'zero Covid-19' policy. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »