UK’s Raab: Could boycott Winter Olympics over 'egregious human rights violations' in China – The Sun

Anil Panchal FXStreet

Late-Tuesday, The Sun quotes UK’s foreign secretary Dominic Raab while citing the British support for China’s Uighur Muslims. The report mentioned that the Tory member was criticizing Beijing's action against the minority group while terming them as "serious and egregious human rights violations".

The diplomat was considering telling Prince William not to attend the upcoming Winter Olympics in Beijing, due to be held in 2022, on the government's behalf, as per news.

Mr. Raab also asked for global help while citing proofs of China’s treatment to the minority group. The diplomat said, as per the news, "Certainly, I think the more that we see of that evidence, and I think the more the international community addresses its mind to it, the more I think we do need to look very carefully at what action we take. I think the concerns of what's happening to the Uighurs - the detention, the mistreatment, the forced sterilization - is something that we can't just turn away from."

FX implications

Global markets are already risk-off and the news can offer additional challenges to the trading sentiment. More importantly, the update should add pressure on the GBP/USD further hardships for the British currency due to its diplomatic spat with the world’s second-largest economy. To portray the same, GBP/USD stays pressured near 1.2875 but S&P 500 Futures print 0.15% gains amid the initial Asian session on Wednesday.

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.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.