Now: Risk Aversion Started the Week

Safe-haven Rule
Risk-off sentiment dominate the market at the beginning of the week and the winner of the day are all the safe-haven currencies and asset. Although US stock market was beaten at the beginning of the day, the moment before the market end it managed to recover at impressive rate.
One of the concerns that catalyst the situation was the China lockdown in which impose a high risk to global economy as China is the major supplier and exporter off all kind of goods to the world. The situation was getting worst when traders and investors started to place the position for the worst-case scenario in China.

Worst Performer
Among the G10 currencies, Australia Dollar had the worst outcome from the situation. A free fall for the energy market and precious metal affect heavily on the country that rely heavily on the export. Adding to it that, China is the main importer of the Australia raw materials in which in lockdown result in lower demand for the Australia export.

Loonie Maintain the Strength
CAD able to stay strong after the hawkish remark from the Bank of Canada Governor, Tiff Macklem. In his statement, he stated that there is a need of higher interest rate to counter the current high inflation. The current prediction is that the rate will be hike by 50-basis points in the next meeting and some even suggest that it can go up to 75-basis points.