While economic data will be key today, market sentiment towards monetary policy and policy divergence will also influence.
It is a relatively busy start to the day on the economic calendar this morning. The Japanese Yen was in action in the early hours.
In January, the manufacturing PMI rose from 54.3 to 54.6. Economists had forecast a decrease to 54.0. More significantly, the services PMI slid from 52.1 to 46.6. Economists had forecast a decline to 52.0.
According to the prelim January survey,
Looking at the sub-components:
The Japanese Yen moved from ¥113.809 to ¥113.807 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.18% to ¥113.890 against the U.S Dollar.
At the time of writing, the Aussie Dollar was down by 0.01% to $0.7184, while the Kiwi Dollar was up by 0.01% to $0.6718.
It’s a busy day ahead on the economic calendar. Prelim January private sector PMIs for France, Germany, and the Eurozone are due out. While Germany’s manufacturing PMI tends to be the key stat, the markets will be eying the sub-components to assess what lies ahead. Supply chains, inflation, and new orders will likely be key areas of focus.
At the time of writing, the EUR was up by 0.28% to $1.1344.
It’s a relatively busy day ahead on the economic calendar. Prelim private sector PMIs for January are due out. Expect the services PMI to be key. With the talk of a BoE rate hike in February doing the rounds, the numbers would have to be dire for the BoE to hit pause on plans to curb inflation.
At the time of writing, the Pound was down by 0.35% to $1.3553.
It’s a relatively quiet day ahead, with prelim private sector PMIs also in focus later in the day. Expect the services PMI to be the key stat.
At the time of writing, the U.S Dollar Spot Index was up by 0.06% to 95.695.
It’s a quiet day ahead. December manufacturing sales figures are due out later today. With the markets looking ahead to Wednesday’s BoC monetary policy decision, however, we don’t expect the numbers to influence.
At the time of writing, the Loonie was down by 0.62% to C$1.2581 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.