Coronavirus update: China’s second wave shows stark changes, NZ considers four-day work week

Dhwani Mehta FXStreet

With global coronavirus cases having surpassed 5 million, Chinese doctors are now seeing the coronavirus manifest differently among patients in its new cluster of cases in the northeast region (provinces of Jilin and Heilongjiang) compared to the original outbreak in Wuhan, as cited by Bloomberg.

Meanwhile, Reuters reported that the New Zealand (NZ) government is considering re-opening up bars and pubs on Thursday. Prime Minister (PM). Jacinda Ardern is encouraging businesses to consider allowing a four-day workweek so New Zealanders can travel around the country in a bid to revive the tourism industry.

South Korea saw an alarming spike in daily new infections, with the toll soaring to 32, the highest in nine days. The Health agency reported 12 more COVID-19 cases, bringing up the total to 11,122.

Market reaction

Tepid risk tone prevails in Asia, as the regional equities wipe-off early gains while the greenback draws the haven bids. USD/JPY keeps the green around 107.65, with the upside capped by negative S&P 500 futures. AUD/USD is nursing losses above 0.6550 after RBA Governor Lowe’s comments.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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