Dollar Stable Ahead Of Key Data Release – 13 January, 2020

Ahead of the release of key U.S. retail and consumer price data, the dollar was steady while the pound dipped on weak economic growth. The dollar index stabilized at 97.35 after reaching as high as 97.53. Against the dollar, the pound fell 0.48% to $1.2959 before settling at $1.2996. Sterling’s slip was caused by British economic data for the month of November showing it grew at its weakest pace in over seven years. The offshore yuan hit a 5 1/2 month high ahead of the signing of phase 1 of the trade agreement between U.S. and China on Wednesday. The safe-haven Japanese yen fell to a 7 1/2 month low ahead of the deal. The Aussie managed to reach a one week high of $0.6919 before settling lower at $0.6908. Despite the damage done by the wildfires and the potential economic damage of the country, the currency was up 10% on the day.