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After a mixed start to the week on fluid geopolitical news updates, the Greenback took a turn towards negative after the FOMC drops their latest outlook on the possibility of future rate hikes.
United States Headlines and Economic data
Monday:
- Mixed start to the week for the Greenback, but arguably a net winner on global risk aversion sentiment after negative headlines from China that included:
Tuesday:
- China steps up US soybean purchases as trade talks drag on
- U.S. Small Business Optimism Sees Major Spike in November
- U.S. third-quarter labor costs revised down; productivity weak
- House Speaker Pelosi says ‘not quite finished yet’ in reaching USMCA deal
- U.S., Canada and Mexico sign agreement – again – to replace NAFTA
Wednesday:
- Trump will have final say on U.S.-China trade deal: White House trade adviser
- China sees US delaying Dec 15 tariffs, trade adviser Navarro disagrees
- US consumer prices increase more than expected in November
- Fed Decision: Interest rates left unchanged, indicates no changes through 2020
- Powell Finally Delivers the Weaker Dollar That Trump Wanted – This blow to the possibility of rate hikes from the Fed and the improving U.S.-China trade situation had the Greenback reeling at the end of the U.S. trading session.
Thursday:
- US weekly jobless claims race to a more than 2-year high
- Trump: ‘Getting VERY close to a BIG DEAL with China. They want it, and so do we!’
- US producer prices were unchanged in November; underlying inflation soft
- Trump Signs Off on China Trade Deal to Avert December Tariffs
- U.S. sets China trade deal terms, sources say, but Beijing mum
- The big drop against Sterling was due to the U.K. general election, which resulted in the Conservative Party’s biggest win since 1987.
Friday:
- U.S. retail sales rise slightly, cast shadow on fourth-quarter economic growth
- China says it has agreed to US trade deal text, indicates next step is signing
- U.S. import prices rebound; underlying trend remains weak
- Business inventories in the U.S. climb 0.2% in October
- A little bit of a rally for the Greenback on risk aversion sentiment after details of the newly formed U.S.-China trade agreement were a little bit disappointing (only 50% of the $112B in tariffs would be rolled back and China agreed to buy $32B in additional agricultural goods over the next two years, conflicting with Trump’s claims of $50B in agricultural purchases).