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US Dollar looks to stabilize amid cautious markets


17 January 2023

The US Dollar is building on the previous recovery this Tuesday, as risk sentiment remains tentative following the release of China’s growth numbers. China’s Q4 GDP topped forecasts but expanded at the second-slowest pace since the 1970s. China’s GDP expanded by 2.9% in Q4 YoY, official data released by the National Bureau of Statistics (NBS) showed on Tuesday, above the 1.8% consensus forecasts and slowing from the 3.9% pace in the third quarter. China’s economy grew by 3.0% YoY in 2022. China’s December Retail Sales YoY, dropped 1.8% vs. -7.8% expected and -5.9% previous while the country’s Industrial Production came in at 1.3% YoY vs. 0.5% estimated and 2.2% prior.

Investors are digesting the Chinese data, turning anxious ahead of the critical Bank of Japan (BoJ) policy decision due on Wednesday. Meanwhile, the US Treasury statement that Treasury Secretary Janet Yellen will set her first face-to-face meeting with Chinese Vice Premier Liu He on January 18 in Zurich also keeps markets unnerved.

The Asian stocks are a mixed bag, undermined by losses in Chinese stocks while the Japanese benchmark index, the Nikkei 225, sees a relief rally ahead of the BoJ decision. The US S&P 500 futures are down 0.11% on the day.

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