Forex Today: US Dollar clings to modest recovery gains ahead of mid-tier data – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
The US Dollar holds steady above 102.00 early Tuesday after having closed the last three trading days in the positive territory. Following the risk-off action on Monday, markets remain cautious with US stock index futures trading modestly lower on the day. Eurostat will release the fourth-quarter Gross Domestic Product for the Eurozone.
Earlier in the day, the International Monetary Fund announced that it expect the global economy to grow by 2.9% in 2023 and 3.1% in 2024 amid falling gas prices and the China re-opening. Meanwhile, the data from China revealed that the NBSrose to 50.1 in January and the Non-Manufacturing PMI improved to 54.4 from 41.6 in December. Both of these readings came in better than analysts' estimates but the Shanghai Composite Index struggled to gain traction.
The Australian Bureau of Statistics reported that Retail Sales declined by 3.9% on a monthly basis in December, missing the market expectation for a decrease of 0.3% by a wide margin. On a positive note, Reuters reported that the trade ministers of Australia and China were scheduled to hold a virtual meeting next week. Nevertheless,turned by south pressured by the disappointing data and was last seen losing 0.4% on the day at 0.7030.stays on the back foot and trades in negative territory near 0.
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