More Chinese unrest dampens the market mood

FX:GBPUSD   British Pound / U.S. Dollar

Lockdown measures in China to curb the pandemic have been met with significant pushback. This has led to demonstrations in domestic and overseas locations, and many disgruntled civilians have clashed with Chinese police in the process.

In response, the US dollar's safe-haven demand increased, EUR/USD fell to 1.0337, and AUD/USD decreased nearly 100 pips to 0.6648. GBP/USD dropped below 1.2000 to 1.1958, losing over 130 pips. USD/CAD spiked more than 110 pips to 1.3497, while USD/JPY fell to 138.94.

Gold prices lost $13 to $1,741.62 an ounce. WTI oil futures rebounded from a low of $73.68 a barrel to a closing price of $77.24.

There was a drop of 497 points (-1.45%) in the Dow Jones Industrial Average to 33,849, a loss of 62 points in the S&P 500 to 3,963, and a decline of 168 points (-1.43%) in the Nasdaq 100 to 11,587.

Cryptocurrency lender BlockFi just filed for bankruptcy, causing Bitcoin to trade lower at $16,200.