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Mostly mixed week for the Greenback thanks to another round of roller coaster U.S.-China trade headlines. Fortunately for Dollar bulls, positive business and consumer sentiment data, as well as hopeful trade commentary from China brought in buyers to end the week strong against most of the major currencies.
United States Headlines and Economic data
Monday:
- Trump hails ‘cash’ subsidies to farmers and U.S. aid in China trade war
- Homebuilder confidence slips slightly in November
- Fed’s Mester: U.S. monetary policy ‘in a good spot’
- Fed’s Mester says she didn’t want to cut rates but is now content to watch and wait
- Trump says he ‘protested’ to Powell about U.S. interest rates
Tuesday:
- US housing starts rebound; building permits at highest level in over 12 years
- Trump threatens higher tariffs if China doesn’t make a trade deal
Wednesday:
- Weekly mortgage applications fall despite rates crossing back below 4%
- Fed minutes show rates on hold, little hurry to change course
- The Fed is looking at a ‘standing repo’ operation to handle overnight funding issues
- The Federal Reserve is looking into developing a digital currency in the US, Powell confirms
- Phase One’ U.S.-China trade deal may not be completed this year
Thursday:
- Philly Fed manufacturing index improves 5 points to 10.4 in November
- U.S. labor market slowing; manufacturing mired in weakness
- U.S. existing home sales rise more than expected in October
- China invited US negotiators to Beijing for another round of trade talks, report says
- China says it will strive to reach ‘phase one’ trade deal with U.S
Friday:
- US President Trump to sign bills backing protesters in Hong Kong
- IHS Markit Flash U.S. Composite PMI Business activity growth quickens in November
- Kansas City Fed Manufacturing Index Logs Negative Reading for November
- US consumer sentiment comes in higher than expected for November
- China’s Xi says Beijing wants a trade deal — but is not afraid to ‘fight back’