Forex news today: S&P 500 recorded a 1.5% drop since January

Forex news today, March 10, 2023 regarding the gloomy risk profile as market participants await key data in the coming weeks. Added to the strength of sentiment that could be geopolitical fears surrounding the US, China, and Russia.

While reflecting the mood, the S&P 500 stocks plunged to a fresh low since January 10, down around 1.5% near 3,900. Meanwhile, the US 10-year and 2-year Treasury yields also fell for the second straight day to 3.8% and 4.76%, respectively. Mixed US data mixed with fears of impending inflation appeared to be the key catalysts for the worried markets as US initial jobless claims marked the biggest jump since January by rising to 211,000 for the week ended March 3 versus 195,000 expected and 190,000 prior. Also, Continuing Jobless Claims rose and Challenger Job Cuts fell. Elsewhere, geopolitical fears from Joe Biden’s 2024 budget proposal and the US partnership with the UK and Aussie for nuclear submarines also weighed on the risk appetite. Alternatively, based on news from Bloomberg, showing that China’s consumer spending showed signs of a strong rebound combined with hopes of more stimulus from China and the US’ readiness to spend more seem to counter market pessimism. Of all, the cautious mood ahead of the BoJ’s monetary policy meeting announcement, as well as the US and Canadian jobs reports for February, not to forget the UK data dump, challenge optimism amid hawkish bias from major centers. 

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