Investors do not like the headlines from China with cases jumping sharply. Tracking closely USDJPY as a benchmark for the FX board to measure the reaction in risk. 110.2x remains strong resistance and creates a strong drag on Equities moving further. The factory closes are going to trigger a round of default risks for Chinese factories. School closures are being extended into March while the Chinese government remains closed until the final week in Feb. This all has yet to translate into the data, markets will need to price the additional risk premium.
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