The US dollar continued to flourish against its major G10 peers Friday, crossing last Friday’s pre-NFP high of 97.58 (US dollar index). The greenback caught tailwinds from stronger-than-expected housing starts data, though largely ignored disappointing industrial production, mixed UoM (consumer sentiment) and US Treasury yields fading daily highs of 1.851%.
Global Markets: Asian Stock Markets : Nikkei up 0.47%, Shanghai Composite up 0.08%, Hang Seng down 0.07%, ASX up 0.32% Commodities : Gold at $1554.55 (+0.26%), Silver at $18.02 (+0.43%), Brent Oil at $64.58 (-0.06%), WTI Oil at $58.48 (-0.07%) Rates : US 10-year yield at 1.829, UK 10-year yield at 0.635, Germany 10-year yield … Continue reading Friday 17th January: Upbeat economic data drive Asian markets higher
Please note that in observance of the upcoming Martin Luther King Day on Monday 20th January 2020, there will be temporary changes to IC Markets’ trading schedule.
Key risk events today: China GDP q/y; China Fixed Asset Investment ytd/y; China Industrial Production y/y; UK Retail Sales m/m; US Building Permits and Housing Starts; FOMC Member Harker Speaks; Prelim UoM Consumer Sentiment. (Italics represents previous analysis and outside sources) EUR/USD: Thursday had the EUR/USD refresh weekly highs at 1.1172 before rotating to the … Continue reading Friday 17th January: Broad-Based USD Buying Weighs on G10 Peers.
Retail sales data is one of the timeliest economic indicators of consumer spending. According to Henry Hazlitt, author of Economics in One Lesson, US consumers account for approximately 70% of the national economy.
