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Sterling Rises Following Encouraging UK PMI Data, Dollar Weakens Across the Board

Sterling rises notably against Euro and Dollar today, buoyed by encouraging UK PMI data that pointed to a strong start for the year with renewed growth momentum. More importantly, this data suggests that BoE might need to delay its rate cut plans, as inflationary pressures could potentially resurge due to supply disruptions in the Red Sea. Simultaneously, Eurozone's PMI data, while less optimistic, also supports ECB hawks' stance against premature rate cuts, with price indicators suggesting sustained inflationary pressures.

Canada
Germany
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New-zealand
Hong-kong
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China
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Djibouti-general
Djibouti
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Weekly Market Outlook (22-26 January)

A lighter week on the data front with the PBoC, BoJ, BoC and ECB releasing their policy decisions.

Japan
Canada
New-zealand
China
Tokyo
United-kingdom
Chinese
Japanese
United-kingdom-services
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Euro Area Composite PMI unchanged at 47.60 points in December (EUR:USD)

Euro Area Composite PMI unchanged at 47.60 points in December (EUR:USD)
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Eurozone-services

Investors Tread Carefully Following FOMC Minutes, Awaiting Key US Job Reports

Major US stock indexes closed lower overnight, after FOMC minutes revealed Fed might be hesitance to lower interest rates soon. Notably, the likelihood of a March interest rate cut, as inferred from Fed funds futures, dipped below the 70% market following the release of the minutes. Dollar, however, is encountering challenges in gaining further momentum in its near term rebound. This struggle is partly attributed to 10-year Treasury yield's rejection by 4% level. Investors are now turning their attention to today's ADP employment data, though significant market moves are more likely to be reserved for tomorrow's non-farm payroll report.

Shanghai
China
Switzerland
United-kingdom
Italy
Japan
France
United-states
Hong-kong
Australia
Germany
Canada

Yen Under Pressure Amid Global Yield Rebounds and BoJ Policy Uncertainty

Japanese Yen is facing increased selling pressure today, influenced by the rebound in US and European benchmark treasury yields. Additionally, traders are scaling back their expectations of imminent monetary policy changes by BoJ, in the wake of the recent devastating earthquake in Japan. This context sets the stage for potential downside risks to Yen in the near term, with break of certain support levels possibly leading to a more significant unwinding of long positions.

Spain
Hamburg
Germany
China
Ireland
France
Italy
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Australia
United-states
Switzerland
Hong-kong

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