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Forex news today - The risk profile has recovered since Thursday morning due to headlines from China that allowed traders to pare back losses from the previous day amid an uncertain session. However, hawkish concerns around the Fed, supported by strong US data, have made bears more hopeful.
That said, the S&P 500 posted a slight gain around 4,165 while extending the previous day's gains, while the US 10-year Treasury yield plunged after rising to a 1-1/2-month high marked on Wednesday. It fell 1 bps to near 3.80% at the time of writing.
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Earlier in the day, President Xi Jinping delivered a message while expressing his readiness to deepen cooperation in the fields of industry and joint investment with Asia. Xi is willing to share large-scale markets in the full industrial range, and advanced technologies with other Central Asian countries. Optimistic comments were also made by Chinese Finance Minister Liu Kun who stated that fiscal 2023 revenue will grow further this year, although the growth rate is not very high. In the same line, there are concerns about the US debt crisis, as warned by the CBO on Wednesday, which in turn indicates a faster solution to the big problem in the days ahead. It is worth noting that Wall Street closed with a slight gain only due to a corrective rebound at the end of the day while stocks in the Asia-Pacific region were trading mixed at the time of writing. This also indicates a cautious mood in the market. On Wednesday, US Retail Growth jumped 3.0% YoY in January, beating the forecast of 1.8% and -1.1%. Furthermore, Retail Sales ex-Autos also grew by 2.3% in the same period, and again this data was beyond analysts' previous estimates which were predicted to reach only +0.8%. In the same line, NY Manufacturing Index during February increased to a three-month high of -5.8 compared to the previous data which was only -18.0 expected and -32.9 from the market forecast. Alternatively, US industrial production marked a figure of 0.0% MoM in January, lower than analysts' estimates of 0.5% and -0.7% in the previous reading, but failed to suppress the hawkish bias regarding the next move by the Fed. Following the US data, market bets on the Fed's next move, as per the FEDWATCH tool, suggest the US central bank's benchmark interest rate will peak in July, around 5.25% against the Federal Reserve's December prediction of a high of 5.10%. Looking ahead, second-tier US data on the housing market, industry and producer prices could entertain traders.
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