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America's Roundup: Dollar strengthens on U.S.-China trade resolution hopes, Wall Street gains 1 pct, Gold dips, Oil surges 3 pct on OPEC glut-cut plan, signs of U.S-China thaw-January 19th,2019

Market Roundup

• Pound set for biggest weekly gain vs euro in more than a year on Brexit hopes.

• Fed's Williams says rate policy must be patient, data dependent.

• Italy central bank slashes 2019 GDP growth forecast.

• Popcorn to hand, EU watches Brexit show but frets for own future.

• Lawmakers say they will investigate whether Trump told lawyer to lie.

• Shutdown clouds outlook for consumer-driven U.S. economic growth.

• CA Dec CPI BoC Core YY, 1.7%, 1.5% previous

• CA Dec CPI Inflation YY, 2.0%, 1.7% forecast, 1.7% previous

• US Dec Industrial Production MM, 0.3%, 0.2% forecast, 0.6% previous, 0.4% revised

• US Dec Capacity Utilization SA, 78.7%, 78.5% forecast, 78.5% previous, 78.6% revised

• US Dec Mfg Output MM, 1.1%, 0.3% forecast, 0.0% previous, 0.1% revised

• US Dec Industrial Production YY, 3.95%, 3.89% previous, 4.06% revised

• US Jan U Mich Sentiment Prelim, 90.7, 97.0 forecast, 98.3 previous

• Oil rises 3 pct on OPEC plan details, trade hopes

Looking Ahead - Economic Data (GMT)

• 20 Jan 23:00 Japan Jan Reuters Tankan DI, 23 previous

• 21 Jan 02:00 China Dec Urban investment (ytd)YY, 6.0% forecast, 5.9% previous

• 21 Jan 02:00 China Dec Industrial Output YY, 5.3% forecast, 5.4% previous

• 21 Jan 02:00 China Dec Retail Sales YY, 8.2% forecast, 8.1% previous

• 21 Jan 02:00 China Q4 GDP YY, 6.4% forecast, 6.5% previous

• 21 Jan 02:00 China Q4 GDP QQ SA, 1.5% forecast, 1.6% previous

Looking Ahead - Events, Other Releases (GMT)

• No major economic events are scheduled

Currency Summaries

EUR/USD: The euro slipped lower against the U.S. dollar on Friday, as dollar gained on optimism about talks to end the trade war between China and the United States.Media reports on Thursday and Friday suggested both countries were considering concessions ahead of a Washington visit from Chinese Vice Premier Liu He on Jan. 30 and 31 for talks aimed at resolving the trade standoff between the world's two largest economies. Against the euro, the dollar strengthened 0.26 percent to $1.137, its strongest since Jan. 4.Immediate resistance can be seen at 1.1463 (100 DMA), an upside break can trigger rise towards 1.1569 (Jan 10th high).On the downside, immediate support is seen at 1.1344 (Jan 4th low), a break below could take the pair towards 1.1300 (Psychological level).

GBP/USD: British pound declined against the dollar on Friday,as stronger dollar and Brexit concerns weighed on British pound. The bigger focus for traders remained Brexit, especially after a tumultuous week in which British Prime Minister Theresa May's deal suffered a heavy defeat in parliament but won a subsequent vote of confidence. At 2110 GMT, the pound was down 0.90percent at $1.2867, having touched $1.30 on Thursday. Immediate resistance can be seen at 1.2945 (38.2% retracement level), an upside break can trigger rise towards 1.2992 (Daily high).On the downside, immediate support is seen at 1.2842 (50% retracement level), a break below could take the pair towards 1.2743 (61.8% retracement level).

USD/CAD: The Canadian dollar was little changed against its U.S. counterpart on Friday, as hopes of a resolution to the U.S-China trade dispute lifted investor sentiment, while U.S. dollar clung onto recent gains. The price of oil, one of Canada's major exports, rose after an OPEC report showed its production fell sharply last month. The Canadian dollar little changed at 1.3264 to the greenback. The currency, which touched its weakest on Thursday in more than one week at 1.3319, traded in a range of 1.3232 to 1.3283.Immediate resistance can be seen at 1.3315 (50% retracement level), an upside break can trigger rise towards 1.3395 (61.8% retracement level).On the downside, immediate support is seen at 1.3233 (38.2% retracement level), a break below could take the pair towards 1.3179 (January 9th low).

USD/JPY: The U.S. dollar strengthened against the yen on Friday, as the greenback gained on hopes of a resolution to the U.S-China trade dispute. Stronger-than-expected U.S. industrial production numbers also helped lift the greenback. American manufacturing output increased by the most in 10 months in December, pushed up by a surge in the production of motor vehicles and a range of other goods, the Federal Reserve said on Friday. Strong resistance can be seen at 110.29 (23.6% retracement level), an upside break can trigger rise towards 109.80 (21 DMA).On the downside, immediate support is seen at 108.46 (50% retracement level), a break below could take the pair towards 108.00 (Psychological level). 

Equities Recap

European shares jumped to their highest level in six weeks as signs of a detente in the trade war between the United States and China lifted markets from Wall Street to Beijing.

The UK's benchmark FTSE 100 closed up by 2 percent, FTSEurofirst 300 ended the day up by 1.87 percent, Germany's Dax ended up by 2.7 percent, and France’s CAC finished the up by 1.8 percent.

U.S. stocks rose on Friday, helping Wall Street's major indexes advance for a fourth consecutive week, as increased hopes that the United States and China would resolve their trade dispute lifted shares across sectors.

Dow Jones closed up by 1.39 percent, S&P 500 ended up 1.32 percent, Nasdaq finished the day up by 1.03 percent.

Treasuries Recap

U.S. Treasury yields climbed to three-week highs on Friday as investors piled back into Wall Street on hopes Washington and Beijing were moving to end their trade dispute as well as on stronger-than-expected data on manufacturing output.

The yield on benchmark 10-year Treasury notes hit a three-week peak, last trading at 2.781 percent, 3.4 basis points above Thursday's close.

Commodities Recap

Gold slipped on Friday to its lowest in more than a week and headed for its first weekly decline in five, as equities and the U.S. dollar got a lift from investors taking on more risk due to growing hopes for a resolution in the China-U.S. trade war.

Spot gold was down 0.6 percent to $1,280.88 per ounce at (2020 GMT) having hit its lowest since Jan. 9 at $1,280.85.

Oil prices jumped about 3 percent on Friday, rising after OPEC detailed specifics on its production-cut activity to ease global oversupply, and on signs of progress in ending the U.S.-China trade war.

Brent crude was up $1.52 to settle at $62.70 a barrel, or 2.48 percent. U.S. West Texas Intermediate (WTI) crude futures added $1.73 to settle at $53.80 a barrel, or 3.32 percent.
 

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