US Senate Republican Leader McConnell criticizes conviction of veteran Hong Kong activists

Late Thursday, a Hong Kong court found seven prominent democrats guilty of unauthorized assembly charges, including 82-year-old barrister Martin Lee and media tycoon Jimmy Lai, 72, said Reuters.

The news also said, “U.S. Secretary of State Anthony Blinken said on Wednesday he had certified to Congress that Hong Kong did not warrant preferential economic treatment under a law that had allowed Washington to maintain a special relationship with the city, reiterating decision reached last year.”

The announcement sparked global fury and US Senate Majority Leader Mitch McConnell also joined the league while pushing the Biden administration to impose meaningful international consequences.

FX implications

Although the Good Friday holiday restricts market moves, the news should weigh on the sentiment and help the US dollar to recover some of the latest losses. The same can harm AUD/USD run-up and gold.

Read: Gold Price Analysis: XAU/USD bulls probed below $1,750 amid thin holiday trade