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Daily Market Update

January 17, 2020

EUR/USD ranged from the high 1.10’s to the mid 1.11’s overnight. The safe-haven Japanese yen weakened on Friday as record high stocks showed stronger risk appetite, while the greenback gained against the euro after data on Thursday showed solid U.S. economic momentum.

U.S. stock indexes were driven higher by optimism over corporate earnings, upbeat economic data and indications of resilience in China’s economy.

Data on Friday showed that China’s economy ended the year on a firmer note, even as economic growth cooled to its weakest in nearly 30 years.

“December data signaled a strong finish for the Chinese economy and that suggests the Chinese economy may be primed for a rebound in 2020,” said Lee Hardman, a currency strategist at MUFG in London.

The yen rose as high as 110.28, the highest since May, before falling back to 110.10.

The offshore Chinese yuan also strengthened as far as 6.8567, the strongest since July.

The dollar continued to gain against the euro, after being buoyed on Thursday by data showing that U.S. retail sales increased for a third straight month in December.

A gauge of manufacturing activity in the U.S. Mid-Atlantic region also rebounded in January to its highest level in eight months.

Data on Friday showed that U.S. manufacturing output rose unexpectedly in December, though industrial production fell.

The euro was last down 0.32% at $1.1099.

Source: Reuters

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