Here is what you need to know on Monday, January 20th:
The American dollar extended its gains on Friday, ending the week at highs against most major rivals, despite US data missed the market’s expectations. The EUR/USD pair settled below 1.1100.
UK Retail Sales came in well below expected, hurting Sterling against most major rivals and lifting odds of a BOE’s rate cut. December Retail Sales were down by 0.6% MoM, well below the 0.7% advance expected, while core sales printed at -0.8%. When compared to a year earlier, sales were up by 0.9%, missing the market’s forecast of 2.6%. GBP/USD settled just above the 1.3000 figure.
During the weekend, the PBOC announced it pumped 200 billion yuan into the financial system in an attempt to maintain liquidity in the banking system before the Spring Festival.
Chinese GDP met the market’s expectations, up by 6.0% in Q4. Retail Sales and Industrial Production were upbeat.
Wall Street continues rallying to record highs.
Crude oil prices closed the week little changed but could jump higher at the weekly opening amid news indicating that Libyan commander Khalifa Haftar blocked oil exports at ports under his control, cutting Libyan exports by 800,000 barrels per day.
Gold prices remained stable, with spot around $1,550 a troy ounce.
Cryptocurrencies traded with a positive tone throughout the weekend, although there was no major breakout of critical levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.