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EUR/USD has advanced during the New York trading session, up 0.07%, trading at 1.1610. During the session, market sentiment conditions improved despite a weaker than expected third quarter China’s GDP for the third quarter rose by 4.9% (YoY), lower than the 5.0% expected, which trailed the 7.9% increase of the second quarter.
This data is raising inflationary pressures, and lead to tighten monetary conditions expectations. The ongoing energy crisis that hit the Chinese economy forced factories to curb output, coinciding with the Industrial Production for September which came below expectations with a 3.1% (YoY) increase versus 3.8% (YoY) estimated.
Investors flew through safe haven assets, mainly towards the US dollar, but as the market improved, the EUR/USD pair reclaimed the 1.1600.
The US dollar Index that tracks the its performance against a basket of six currencies is gaining 0.02%, sits at 93.97, whereas the US Treasury bond 10-year yield is up to one a half basis points currently at 1.591%.
