Slowing US economy pressure Greenback

Analisi Giornaliera - 15/02/2019

Weak US retail sales


On Friday the greenback went lower against the Japanese yen while the discouraging U.S. retail sales data strengthened the Federal Reserve expectations that probably will not raise rates in 2019. All these while the market anticipated some progress in trade discussions between the U.S and China.

U.S. retail sales noted their biggest drop since, in almost a decade. Yesterday data presented a warning about a weakness in the consumer sector, which values for more than two-thirds of the economy.

Nick Twidale, chief operating officer, Rakuten Securities Australia said

"Poor retail sales data has reinforced the view that the Fed will most likely keep rates steady this year" and added "Dollar/yen is indicative of the risk-averse sentiment right now...I am expecting the yen crosses to appreciate along with the Swiss franc."

Gold is going up due to dollar weakness

On Thursday gold climbed while the popular greenback declined on inadequate economic data released from the United States. That fact alone reinforced expectations that the FED would probably hold to its dovish position on monetary policy this year. The dollar fell shortly after the data, which increased the concerns of economic retardation.

The dollar index slipped and pulled down by a series of bitter U.S. data, with retail sales posting their largest decline in almost a decade in December and weekly jobless claims recording an improvement.

Spot gold went up more than 0.4% to $1,311.95 per ounce while the ET. U.S gold futures ended $1.19 lower at $1,313.89.


Oil prices going up

On Friday, Brent crude oil went up to this year top more than $65 per barrel is driven by U.S. penalties toward Iran and Venezuela but also because of the OPEC-led supply cuts. The international benchmark for oil prices is at a near 90 day top and priced a more than 4% increase for the week. The U.S. West Texas Intermediate (WTI) crude futures went up at $54.70 per barrel while Brent rose as high as $65.10


Asia stocks fell

On Friday, Main Asian stock markets finished lower after the release of U.S. retail data. The release increased the anxieties covering the retraction in the U.S economy. Traders anticipate some positive improvements regarding the continuing U.S-China trade discussions in Beijing.

Mainland Chinese markets witnessed declines while the Shanghai composite slid more than1.3% to finish at 2,682.37. The Shenzhen component sank more than 1.1% to close its trading day at 8,125.62.


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