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Barack Obama to save the dollar with help from Chinese

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With Euro is being saved by the Chinese as the People’s Bank, President Barack Obama and Chinese Vice President Xi Jinping is moving talks forward to Tuesday as that could help boost the international stature of Beijing's leader-in-waiting while testing Obama's ability to balance diplomacy between the U.S. and China.
With the possibility of negative impact on the US Dollar if the meeting does not go well for President Barack Obama who needs to reassure Chinese Vice President Xi Jinping that Washington welcomes China's "peaceful rise" while also signalling frictions would remain in a growing economic and military rivalry between the two countries.

The sudden spark of optimism following China’s offer to help Europe has put pressure on the US Dollar against the Euro this morning. Additionally, growing optimism that Greece will receive its next tranche of aid shortly has prompted traders to shun safe haven currencies.

Yesterday, retail sales in the US came in below expectation, though ex-auto sales were better than anticipated. Meanwhile, the Federal Reserve Bank of Philadelphia President, Charles Plosser, opined that inflation is not an "imminent threat", but added that he does not see a case for further easing.

The resilience in the US manufacturing sector is expected to continue, with industrial production for January, due today, anticipated to indicate acceleration in growth. Additionally, the New York Fed manufacturing index is expected to reveal an improvement for February. The minutes of the last FOMC meeting are awaited for cues on the economic landscape and the central bank’s take on monetary policy.

Mid–Market FX Rates
USD American Dollar ▼ 1.57
EUR European Euro ▼ 1.1926
CHF Swiss Francs ▼ 1.4398
AUD Australian Dollar ▼ 1.4583
ZAR South African Rand ▼ 12.072

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