- Coronavirus update: Shanghai City Official cites covid risk, Beijing extends work from home order
Market news
Coronavirus update: Shanghai City Official cites covid risk, Beijing extends work from home order
“5 out of city's 16 districts have reached zero-covid outside quarantined areas status,” said Shanghai City Official, per Reuters, during Monday’s session.
The official also added that the city's epidemic is under control while also saying, “However the risks of rebound remain and we need to continue to stick to controls.”
Additional comments
Focus until may 21 will be to prevent the risks of rebound, many movement restrictions to remain.
Will look to allow normal life to resume in shanghai from June 1.
Will gradually increase flights and rail services to and from Shanghai.
On the same line was the weekend news suggesting Beijing’s guidelines to work from home for four districts, including the heavyweight Chaoyang.
FX implications
The downbeat news from Australia’s biggest customer drowns AUD/USD, together with disappointing Retail Sales and Industrial Production data for April. That said, the pair sellers attack 0.6900 at the latest.
Read: AUD/USD drops back towards 0.6900 on China’s downbeat Retail Sales, Industrial Production
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