Dollar eases as China reportedly mulls reducing quarantine period


There’s a bit of suspicion of MOF intervention at first but that doesn’t look likely to be the case considering how quickly USD/JPY was not really affected. Instead, the dollar was seen weakening elsewhere and this was the initial GBP/USD reaction:

Instead, it looks like headlines involving China are at work here with the country’s officials said to be considering to cut inbound quarantine measures from 10 days to 7 days. In turn, that is also seeing the offshore yuan strengthen considerably against the dollar:

That seems to be the sudden cause for the moves in FX amid the transition from Asia to Europe at the moment.

It’s a tricky period when reading FX moves now as we could get Japan MOF intervention at any point, so keep your eyes and ears peeled.

In any case, I don’t see this headline as being a game changer for the dollar – especially not with equities and bonds still under pressure. At most, it takes away just one part of the strong tailwind for the greenback at the moment.



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