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.