US dollar
The overnight upbeat risk tone steadied in Friday’s trading after sluggish Chinese Q4 GDP growth numbers offset the US-China trade deal and strong US Retail Sales data led optimism.
Consequently, the Asian equities eased from multi-month highs while the US Treasury yields, and S&P 500 futures trimmed gains.
Most majors witnessed thin trading ranges, as the US dollar index steadied at higher levels seen after US consumer spending reported solid advance last month. USD/JPY hit an eight-month high at 110.29 in early Asia before having eased to near 110.20/15 region. Among the European currencies, EUR/USD consolidated the downside below 1.1150 while GBP/USD traded below 1.3100.
Meanwhile, Gold prices jumped back on the bids and regained $1550 and beyond. Oil prices, on the other hand, consolidated Thursday’s 1% recovery rally.
With the highly anticipated Chinese Q4 GDP release out of the way, the attention now turns towards the EUR macro calendar that kicks-off with the Eurozone Current Account data due at 09:00 GMT ahead of the bloc’s Final Consumer Price Index (CPI) data, dropping in at 10:00 GMT. The focus also remains on the UK Retail Sales data for December slated for release at 09:30 GMT.
The NA session also remains a busy one, with the US Housing Starts and Building Permits data due at 13:30 GMT, followed by the Industrial Production and Michigan Preliminary Consumer Sentiment Index scheduled at 14:15 GMT and 15:00 GMT respectively. The US JOLTS Job Openings and Fedspeak will be also closely watched for fresh dollar trades. Oil traders will look forward to the Baker Hughes US Oil Rigs Count data at 18:00 GMT.