Positive sentiment prevails at the beginning of the trading week. Investors are mulling over the last week’s economic reports and awaiting the new ones. Nevertheless, traders are hesitant to open long-positions on the US dollar after the release of disappointing US retail sales data. The US dollar index is also declining amid risk appetite. Today, the chart continues its downward movement aimed at the 96.70 level. At the time of preparation of the material for this video, the USDX quote sank below the level of 97.00.
Market participants rejoiced after the US officially suspended additional tariffs on Chinese imports. On Friday, Donald Trump announced that the parties managed to agree on the first phase of the trade deal. The countries are likely to sign the deal in January.
Safe-haven yen dipped against such a background. On Friday, the dollar/yen pair rolled back due to a weaker greenback. Today, however, the pair resumed its upward movement to the previous levels. The chart will start the week trading sideways in the range between the levels of 109.30 and 109.60.Speculators are also evaluating China’s industrial production data. Judging by the report, in November, the volume of China’s industrial output expanded at the fastest pace in the last 5 months, growing by 6.2%. The figure was far better than the economists’ forecasts.
Being vulnerable to any economic report from China, the Aussie ignored the recent positive data. No wonder, this week, a strain of macroeconomic reports on the Australian economy is scheduled to be released. First of all, traders are awaiting the publication of the last Reserve Bank of Australia meeting results. Then, Australia’s jobs report is due. These reports may provide some clues for market participants whether the RBA will cut its interest rate cut. Today, the AUD/USD pair is consolidating near the level of 1.6880 after Friday's decline. The downward movement of the quote is likely to continue and the pair will return to 0.6815- the level of the last trading week.
The highlight of the day will be the release of preliminary data from Markit on the PMI index in key sectors of the world's largest economies. We continue to keep close tabs on market developments! See you!
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