Forex Today: Mixed feelings about the trade deal, US retail sales eyed, cryptos consolidate

Here is what you need to know on Thursday, January 16:

The US and China signed Phase One of the trade deal after over three years of tensions. The accord focuses on Chinese purchases of US goods, which has specific targets. However, Beijing said that it would buy according to market principles.

Stocks advanced on Wednesday but are cooler on Thursday. Currencies are stable. Further reactions and speculation about Phase Two – which includes the more sensitive topics – will likely be in the spotlight.

US Retail Sales for December are set to show moderate increases in December after disappointing in November. Consumption is central to the world's largest economy. See Preview: ‘Twas the month after Christmas

The European Central Bank publishes its meeting minutes from the first meeting preceded by President Christine Lagarde. Any hints about the tendencies in the ECB may move the common currency. The bank kicked off its strategic review.

GBP/USD has recovered from the weakest inflation figures in three years and another dovish comment from a member of the Bank of England. Investors are eyeing Friday's retail sales.

The Russian rouble's volatility has risen after President Vladimir Putin has announced sweeping constitutional changes and triggering the resignation of his government. Putin may remain in power as PM after his term expires in 2024. 

Oil prices have edged higher after inventory data showed a draw in the past week and as the post-Middle-East crisis sell-off comes to an end.

Cryptocurrencies are consolidating their gains with Bitcoin trading around $8,700. 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News