Market Update: Quiet Markets as Focus Shifts to PMI Releases

Market Update: Quiet Markets as Focus Shifts to PMI Releases

Yesterday’s financial market activity was relatively quiet, with price movements likely constrained due to limited scheduled data.

Eurozone & US Economic Data

Among the few notable releases, the flash reading of Eurozone consumer confidence improved slightly to 14.2 in January, aligning with market expectations.

In the United States, the latest weekly initial jobless claims figures came in at 223,000, broadly in line with forecasts. However, neither of these data points significantly impacted market performance.

Currency Market Movements

Key currency pairs remained range-bound during the European session. Despite minor movements, the US dollar faced downward pressure.

Overnight, the dollar weakened further, while the Japanese yen strengthened following the Bank of Japan’s (BoJ) expected rate hike of 25 bps to 0.50%.

Looking Ahead: PMI Releases

Today, flash PMI readings for January will be released across the Eurozone, UK, and US. Forecasts suggest minimal change, with the services sector expected to outperform manufacturing.

What This Means for You

As economic data trickles in, understanding market trends is crucial. If you’re looking to manage risk or take advantage of currency shifts, our experts at Qumoney are here to help. Get in touch today for tailored financial insights and strategies.

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