FX News Today
- Treasury yields jumped and global stock markets rallied on fresh hopes of progress in US-Sino trade talks.
- WSJ reported that the US is weighing lifting tariffs to hasten a trade deal and calm markets.
- Topix and Nikkei are up 0.93% and 1.29% respectively. GER30 and UK100 futures also moved higher in tandem with US futures.
- US Equities also surged on Morgan Stanley earnings miss.
- USDJPY popped to better than 2-week highs of 109.40. USDCAD fell sharply to 1.3246 from over 1.3300.
- Swiss Franc down vs most currencies, following dovish remarks by SNB’s Jordan – “too early for a change” as he mentioned.
- Global trade developments and, in Europe, Brexit developments, remain in focus.
Charts of the Day
Main Macro Events Today
- UK Retail Sales – Expectations – December retail sales are expected to decline by 0.7% (median -0.5%) after rising 1.4% in November.
- US Industrial Production & Prelim UoM – Expectations – Industrial Production is seen rising another 0.3% in December after a solid 0.6% gain in November. Preliminary January Michigan sentiment should decline to 96.0 after the surprise increase to 98.3 in December.
- Canadian CPI and core – Expectations – A 0.3% m/m drop in CPI during December is anticipated, after the 0.4% plunge in November, with weaker gasoline prices again projected to fuel the decline. The core CPI measures all ran at 1.9% y/y in November, while inflation should either hold at those rates or tick lower.
- Fedspeak: NY Fed’s Williams (permanent voter) gives his views on policy and the economy. Philly Fed’s Harker (nonvoter) speaks at a symposium on prosperity.
Support and Resistance Levels
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Andria Pichidi
Market Analyst
HotForex
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