Biden administration plans to end emergency declarations on covid-19 on May 11

Anil Panchal FXStreet

Early Tuesday morning in Asia, an Associated Press (AP) reporter quotes the White House statement suggesting that US President Joe Biden will end COVID-19 emergency declarations in the United States on May 11.

The news also mentions US President Biden’s pledge to use the veto if congress passes a bill to eliminate Covid vaccine mandate on healthcare providers working on certain federal programs.

On the previous day, China’s Center for Disease Control and Prevention (CDC) said, reported by Reuters, “China's current wave of COVID-19 infections is nearing an end, and there was no significant rebound in cases during the Lunar New Year holiday.”

Also read: China CDC: Current wave of COVID infections nearing an end

AUD/USD remains pressured

Despite the upbeat news, the risk-barometer AUD/USD pair remains depressed around 0.7050, down for the third consecutive day, as traders await Aussie Retail Sales for December and China’s official activity data for January.

Also read: AUD/USD finds intermediate support around 0.7050, risk-off mood still intact

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.