 Euro posted notable gains today as lifted by encouraging Eurozone PMI data that suggests the region is beginning the year on firmer footing. Private sector activity showed cautious growth, with reduced drag from manufacturing and moderate expansion in services. Most surprisingly, Germany, which struggled throughout 2024, returned to expansion. Sterling also gained on better PMI readings even though stagnation risks persist, particularly due to accelerated job cuts in the UK. Dollar extended its decline as risk-on sentiment dominated markets, despite US equity indices taking a breather after strong rallies earlier this week. The greenback is currently the weakest performer for the day, followed by Yen, which gave back its brief gains following BoJ’s widely anticipated rate hike. The Swiss Franc also underperformed, completing a trio of safe-haven currencies that lagged behind in today’s risk-driven market environment.... |
