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September 9, 2021

Covid-19 Continues To Press Asian Currencies Lower

 While major economies in Asia are still struggling with a continuing surge in coronavirus cases with delta variant outbreaks, Australia’s highest -populated state, New South Wales (NSW) continues to move forward to ease sanctions measures.

While still recording a steady rise in coronavirus cases, the country is also on track to reach an 80% vaccination rate by mid -October.

With this progress, it has prompted the Australian government to set a timeline for reopening in the state referred to as the ‘Roadmap to Freedom’.

In Victoria, meanwhile, the surge in Covid-19 cases is on the rise, amid slow vaccination rates. A total of 324 cases were recorded on Thursday putting the state under pressure to immediately increase vaccinations.

The Aussie dollar remained lower following this uncertainty by hovering around 0.7350, as well as being affected by the strengthening greenback dollar.

Moreover, in New Zealand, daily Covid-19 case figures have begun to show a decline, with a total of 15 new cases reported on Wednesday, marking the effectiveness of the implementation of strict restrictive measures.

Despite the decline, but the country is struggling to increase vaccination to curb the spread. The Kiwi traded gloomily at 0.7080 against the strong US dollar.

Meanwhile, Japan will extend the state of emergency in Tokyo and several other areas until the end of September when daily case figures begin to show a decline. The yen traded little changed around 110.20 against the US dollar.