Asia FX creeps higher on China GDP beat, M.East tensions weigh
Investing.com-- Most Asian currencies firmed slightly on Wednesday tracking a stronger-than-expected reading on Chinese economic growth, although fears of an escalation in the Israel-Hamas war limited any major gains.Still, trade-heavy currencies, particularly those exposed to China, saw some gains following a strong reading on third-quarter gross domestic product .
Optimism over the GDP reading was offset by persistent concerns over a debt default in China’s property sector, especially as beleaguered developer Concerns over a renewed trade war with the U.S. also dampened optimism towards China, after the White House unveiled new curbs on the export of artificial intelligence chips to China.weakened slightly in Asian trade, but remained close to 11-month peaks. Data released overnight showed that U.S. retail sales grew more than expected in September, pushing up concerns over sticky inflation, which could keep the Federal Reserve hawkish.on Thursday.
Higher U.S. interest rates had battered Asian currencies over the past year, and are likely to limit any major recovery in the space until the Fed begins cutting rates in earnest.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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