Stocks rise as weak China data stokes stimulus hopes; euro waits on ECB

The Fed left its benchmark funds rate window at 5-5.25%, as expected, yet committee members surprised markets by projecting two more 25 basis point hikes this year, sending short-term U.S. yields higher and closing out bets on any cuts in 2023., meanwhile, is expected to deliver its eighth straight rate hike later in the day which will take borrowing costs to two-decade highs. The euro , which made a one-month high at $1.0865 overnight, traded at $1.0816 as investors awaited the decision.

That cast Asia's biggest economies in stark relief, with China cutting another key policy rate on Thursday amid fresh signs its economy is stumbling and traders betting the Bank of Japan will stick with its ultra-easy monetary policy this week. The yen fell about 0.9% to a six-month low of 141.43 per dollar. The yuan hit a six-month trough of 7.1819, while hopes of more stimulus sent stock indexes in Hong Kong

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