The US Dollar advanced throughout the first half of the day but ended it mixed as Wall Street managed to revert pre-opening losses and posted a modest advance. At the same time, US government bond yields advanced. Investors are unwilling to risk much ahead of the release of US inflation data next Thursday.<\/p>\n\n\n\n
Economic Data<\/strong><\/p>\n\n\n\n Tuesday witnessed a light economic calendar as investors await some clarity on the part of major central banks worldwide.<\/p>\n\n\n\n The World Bank sharply cut the global economy\u2019s growth forecast for 2023 as a result of the prevalent persistently high inflation and on the back of accelerating worldwide recession-linked concerns. Key Developments<\/strong><\/p>\n\n\n\n The European Central Bank\u2019s governing council member Mario Centeno said on Tuesday the current process of interest rate increases is approaching its end.The ECB\u2019s policymaker added \u201ceven though inflation may have some resistance in January and February it will resume falling in March.\u201dEUR\/USD pair is trading at 1.0741 at the \u2026<\/p>\n\n\n\n <\/p>\n\n\n\n US Fed Chief Jerome Powell and his counterparts from Canada and Japan appeared in news headlines, although as part of a symposium on central bank independence, giving no signals on monetary policies.<\/p>\n\n\n\n The EUR\/USD pair hovers around 1.0740, while GBP\/USD stands at 1.2160, down on the day. Commodity-linked currencies also eased against the greenback, with AUD\/USD trading around 0.6890 and USD\/CAD in the 1.3420 price zone. Finally, the USD\/JPY pair trades marginally higher at around 132.20.<\/p>\n\n\n\n Gold consolidates at around $1,876 a troy ounce, while crude oil ticked higher in the American afternoon. WTI settled at $75.20 a barrel.<\/p>\n\n\n\n The upcoming Asian session will be interesting regarding macroeconomic data, as Australia will publish the November Monthly Consumer Price Index, which is foreseen at 7.3% YoY, up from the previous 6.9%. Also, Australia will unveil November Retail Sales, expected to have increased by 0.6% after falling 0.2% in the previous month. Finally, it is worth adding that China will publish the December Consumer Price Index (CPI) and the Producer Price Index (PPI) for the same month.<\/p>\n\n\n\n Also Read<\/strong><\/p>\n\n\n\n US stocks surge after Powell\u2019s speech<\/a><\/p>\n\n\n\n Gold Cautiously Moves Higher Ahead Of US CPI Data<\/a><\/p>\n\n\n\n Canada\u2019s dollar weakens ahead of US inflation data<\/a><\/p>\n\n\n\n ECB\u2019s Centeno: End of interest rate rise process is approaching<\/a><\/p>\n\n\n\n Crude oil rises for fourth session in a row<\/a><\/p>\n\n\n\n Fed\u2019s Bowman: More rate rises needed to combat high inflation<\/a><\/p>\n\n\n\n EUR\/GBP expected to edge higher over coming months<\/a><\/p>\n\n\n\n World Bank Cuts 2023\u2019s Global Growth Projection<\/a><\/p>\n\n\n\n
The World Bank forecasts U.S. gross domestic product will increase 0.5% from the prior year and expects global growth to slow to 1.7% in 2023, down from an estimate of 3% growth in June.<\/p>\n\n\n\n