US Dollar heading for a weekly loss
|Today's Highlights
US Dollar heading for a weekly loss
China’s worst fall in exports ahead of US trade war
Current Market Overview
Overnight, we saw the US Dollar recover mildly due to comments from Federal Reserve officials. Fed Chair, Janet Yellen, stated that the economy is "doing quite well" and there are no serious short term obstacles. Yellen noted "unemployment has now reached a low level, the labor market is generally strong and wage growth is beginning to pick up." Chicago Fed President, Charles Evans, added that he expected that President Elect Donald Trump's stimulus policies to "increase growth by a couple of tenths over the next two years." And policymakers "look forward to refining that when we actually see proposals that are moving forward and likely to be implemented."
Philadelphia Fed President, Patrick Harker, said that the US economy is "starting 2017 off on a good foot". He said that "the labor market is strong, and we're creating jobs at a good pace." Besides, "inflation is moving back up to our 2% goal and growth is solid." And Harker believed that "three modest rate hikes" are "appropriate for the coming year" if the economy stays on track.
Overnight, we saw China post its worst export fall since 2009. China’s trade surplus narrowed much more than expected in December, as global trade remained sluggish, while the growth in imports also cooled. Looking to today, there are no tier one data releases in the Eurozone calendar, therefore the attention will shift to the US Retail Sales Producer Price Index (PPI) results and business inventories.
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