Dollar Stronger On Upbeat U.S., China Economic Data

Date : 01/17/2020 @ 8:36AM
Source : RTTF2
Stock : United States Dollar vs Canadian Dollar (USDCAD)
Quote : 1.32245  -0.0031 (-0.23%) @ 8:22PM
US Dollar vs CAD share price Chart

Dollar Stronger On Upbeat U.S., China Economic Data

US Dollar vs CAD (FX:USDCAD)
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2 Months : From Dec 2019 to Feb 2020

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The U.S. dollar drifted higher against its most major trading partners in the European session on Friday, as solid economic data from China and the U.S. eased concerns about global growth.

Official data showed that the Chinese economy expanded in line with expectations in the fourth quarter.

Gross domestic product grew 6.0 percent year-on-year in the fourth quarter, the same rate as seen in the third quarter and in line with expectations.

Chinese industrial production and retail sales beat forecasts in December, rising 6.9 percent and 8.0 percent, respectively year-on-year.

Overnight data showed that U.S. retail sales rose 0.3 percent in December, in line with forecasts.

Separate reports showed that weekly jobless claims unexpectedly fell in the week ended January 11 and NAHB housing market index came in near a 20-year high in January.

The data reduced the possibility of further interest rate cuts from the Federal Reserve.

Investors await U.S. industrial production, consumer confidence index, building permits and housing starts data due in the American session for more direction.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the yen and the franc, it held steady against the euro. Versus the pound, it declined.

The greenback rose to a 3-day high of 1.1106 against the euro from yesterday's closing value of 1.1136. The greenback is likely to locate resistance around the 1.10 level.

Final data from Eurostat showed that Eurozone inflation increased as estimated in December.

Inflation rose to 1.3 percent in December, as initially estimated, from 1 percent in November. A similar higher rate was last seen in June.

The greenback strengthened to a 2-day peak of 0.9674 against the franc, up from Thursday's closing quote of 0.9645. On the upside, 0.98 is possibly seen as the next resistance level for the greenback.

Data from the Federal Statistical Office showed that Switzerland's producer and import prices declined in December.

The producer and import prices fell 1.7 percent year-on-year in December.

After falling to an 8-day low of 1.3119 versus the pound at 4:15 am ET, the greenback turned higher and was trading at 1.3053. The greenback is seen locating resistance around the 1.28 mark.

Data from the Office for National Statistics showed that U.K. retail sales declined unexpectedly in December.

Retail sales volume, including auto fuel, dropped 0.6 percent on month, following a 0.8 percent decrease in November. This was the fifth consecutive month of no growth.

The greenback appreciated to 0.6619 against the kiwi, from a low of 0.6651 hit at 3:15 am ET. The greenback is likely to test resistance around the 0.645 region, if it gains again.

The greenback that ended Thursday's trading at 1.3042 against the loonie gained to a 2-day high of 1.3058. The currency may face resistance around the 1.33 region.

The U.S. currency rose back to 0.6889 against the aussie, not far from a 2-day peak of 0.6884 set in the Asian session. The next possible resistance for the greenback is seen around the 0.66 level.

In contrast, the greenback eased off to 110.09 against the yen, from an 8-month high of 110.29 seen in Asian trading. The greenback is poised to challenge support around the 108.00 mark.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary industry activity rose at a faster-than-expected pace in November.

The tertiary industry activity index rose 1.3 percent month-on-month in November. Economists had forecast 1.0 percent rise.

Looking ahead, U.S. building permits, housing starts and industrial production, all for December, as well as University of Michigan's preliminary consumer sentiment index for January are set for release in the New York session.

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