Free Forex Signal – 27 12 2022

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Dollar slips as risk appetite rises; Australia, NZ dollars surge

SINGAPORE (Reuters) – The dollar moved broadly lower on Tuesday, while Australia’s and New Zealand’s currencies climbed with a rise in risk appetite after China said it would scrap its COVID-19 quarantine rule for inbound travellers – a major step in reopening its borders.

The New Zealand dollar surged more than 0.5% in early Asia trade and was last 0.28% higher at $0.6288, while the Aussie gained 0.27% to $0.6750 in mostly thin trading during the year-end holiday season. The two currencies are often used as liquid proxies for the Chinese yuan.

The offshore yuan rose more than 0.1% to 6.9681 per dollar.

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China will stop requiring inbound travellers to go into quarantine on arrival starting Jan. 8, the National Health Commission said on Monday, even as COVID cases spike. At the same time, Beijing downgraded regulations for managing COVID cases to the less strict Category B from the top-level Category A.

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“There seems to be no let-up in the pace of relaxing COVID restrictions despite the surge in COVID cases in the mainland,” said Christopher Wong, a currency strategist at OCBC. “This perhaps demonstrates Chinese policymakers’ resolve to full reopening.

“In addition, there was news of China potentially taking extraordinary measures to support growth,” Wong said.

Elsewhere, sterling rose 0.12% to $1.2082, while the euro edged 0.12% higher to $1.0647.

Against a basket of currencies, the U.S. dollar index slipped 0.06% to 104.04.

Data released on Friday showed that U.S. consumer spending barely rose in November while inflation cooled further, reinforcing expectations that the Federal Reserve could scale back its aggressive monetary policy tightening.

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These are the three most traded currencies beside the US dollar. Lower market liquidity will mean that a broker will give wider dealing forex spreads.

Todays Free Forex Signal 30 11 2022

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Free Forex Signal – 27 12 2022