Forexlive Americas FX news wrap 17 Jan: US Supreme Court affirms decision to shut TikTok.

• US stock indice close higher on the day and have positive returns for the week
• Baker Hughes oil rig count down -2 to 468
• European indices close higher. Record closing levels for some of the indices.
• Bitcoin jumps to $105,000
• Atlanta Fed GDPNow growth estimate for Q4 unchanged at 3.0%
• Bank of Canada releases what they learned from the actions of the pandemic
• Trump: It is ultimately goes up to me so you are going to see what I’m going to do”
• Trump: Plans on a flood of immigration executive orders on Day 1
• US Supreme Court rules ag TikTok challenge to law that would force sale or ban app in US
• More from China’s Xi: There are differnces. The key is finding ways to resolve issues
• Trump: The call with Xi was a very good one for both China and USA
• US industrial production for December 0.9% versus 0.3% expected
• Geopolitic: China’s Xi had a phone call with Pres. Elect Trump
• Canada securities transactions for November C$17.85 billion versus C$-2.65 billion last
• US December housing start 1.499M versus 1.320M estimate
• ECBs Elderson: If we lower the interest rate too fast, service inflation could rise
• Kickstart the NA session with a technical look at the EURUSD, USDJPY and GBPUSD
• ForexLive European FX news wrap: Dollar remains steady, UK retail sales disappoint
• Fed’s Hammack: We can be very patient in considering future rate cuts

Markets:

• Crude oil: $-0.47 at $77.38
• Gold $-11.90 or -0.44% at $2701.83
• Silver is $0.47 or -1.54% at $30.32
• Bitcoin up $4864 or 4.87% at $104,831

The USD is ending the day higher versus all the major currency pairs.

The largest move is a 0.74% gain versus the JPY. The dollar rose by 0.61% versus the CAD and 0.58% versus the GBP. The greenback was and 0.28% versus the EUR in trading today.

The US economic data was supportive with housing starts and building permits both higher than expectations (although multifamily units helped to increase the numbers).

The industrial production and capacity utilization data was also better than expected with industrial production rising by 0.9% versus 0.3% expectations) and capacity utilization rising to 77.6% from 77% last month.

US yields did move higher and are closing near the highs for the day:

• 2 year yield 4.287%, +4.7 basis points. The high yield this week reached 4.424%
• five year 4.431%, +3.3 basis points. The high yield this week reached 4.624%
• 10 year 4.67%, +2.1 basis points. The high yield this week reached 4.809%
• 30 year 4.856%, +1.2 basis points. The high yield this week reached 5.005%.

However, the gain in US yields did not hurt the stock performance today. All the major indices close higher for the day and also for the week (it was the first up week for the major indices in 2025).

For the day:

• Dow industrial average rose 334.70 points or 0.78% at 43487.83
• S&P index rose 59.32 points or 1.00% at 5996.66
• NASDAQ index rose 291.91 points or 1.51% at 19630.20
• Russell 2000 rose 9.08 points or 0.40% at 2275.88

For the trading week:

• Dow industrial average rose 3.69%.
• S&P index rose 2.91%
• NASDAQ index rose 2.45%

On Monday the bond and stock markets will be close in observance of Martin Luther King Jr. holiday. The presidential inauguration will also take place on that day for Donald Trump. Although it will be a day of celebration and festivities, there is likely to be number of preplanned Executive Orders that may go through including border control.

Also of interest would be any news on TikTok. Today the Supreme Court upheld the decision by Congress which calls for the showing down on Sunday January 19th. The Biden administration has already said that they would kick the can down the road to the Trump administration. Pres. Trump has said that he wants to find a solution.

Nevertheless, will the Chinese shut down the site in the US? Will Pres.Trump have any definitive solutions or “stays of execution” to avoid a total mental breakdown of Tiktokers?

Adam is back next week. Have a fun and safe weekend.

This article was written by Greg Michalowski at www.forexlive.com.