USD/INR Price News: Indian Rupee slides towards 82.00 as optimism fades in Asia, yields rebound – by anilpanchal7 USDINR RiskAppetite Asia YieldCurve China
The Indian rupee pair’s latest rebound could be linked to the market’s inability to extend the previous risk-on mood as the US traders return to the desk after a long weekend.
While tracing the link to sentiment, China’s ability to impress markets despite posting upbeat data gains major attention. Earlier in the day, China’s National Bureau of Statistics released the fourth quarter Gross Domestic Product , as well as Industrial Production and Retail Sales figures for December. However, downbeat comments from NBS joined the market’s doubts about the actual numbers seemed to have weighed on the risk profile.
That said, China's Q4 GDP rose 2.9% YoY versus 1.8% expected and 3.9% prior. Further details suggest that the Industrial Production for December grew 1.3% YoY versus 0.5% market forecasts and 2.2% prior readings. Additionally, Retail Sales improved to -1.8% YoY for December compared to -7.8% consensus and -5.9% prior. Even so, the NBS said that the foundation for economic recovery is not solid yet.
Elsewhere, the US 10-year Treasury yields defend the week-start recovery, up two basis points near 3.54% while S&P 500 Futures print mild losses as it retreats from the monthly high. It’s worth noting that shares in India remain mildly bid but those from China and Australia print losses and challenge the
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