Chinese authorities are suggesting that they intend to catch up with the time lost during the zero-COVID experiment by buoying consumption, and the direct beneficiaries of higher Chinese demand are celebrating.

The dollar traded modestly higher against most currencies on Thursday afternoon, as a generally encouraging set of macroeconomic data releases eased concerns over the possibility of a US recession.

Arguably one of the most noteworthy moves in currencies in the past week or so has been the rally in the euro, which has risen to fresh multi-month highs on the broadly weaker US dollar.

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Last week saw volatile trading in currency markets without the emergence of any clear trend.

Sterling rose to a one-month high on the US dollar, the euro struggled, while volatility in the Japanese yen surged to multi-year highs during an eventful trading session in the FX market on Tuesday.

The US inflation report confirmed the downward trend in price pressures and sent financial markets worldwide soaring on the hope that Fed hikes will soon stop.

We’ve had a relatively quiet first half of the week in the foreign exchange market, with a lack of major newsflow leading to rather rangebound trading.

Last week brought some relief on the inflation front on both sides of the Atlantic.