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Back to work. Markets have reopened following New Year revelries and by the looks of things, traders were desperate to get back to business. If the first trading day of the year is anything to go by, then 2025 will be the year of the Dollar. The Greenback continued its relentless push higher on Thursday, in a show of strength that was particularly detrimental to the Euro and Pound Sterling. The common currency closed at $1.026 yesterday and now sits at two-year lows versus the Dollar. The last time this happened, the Euro went on to fall below parity, something it has only done twice in its history. The situation is looking equally grim for Cable, which nose-dived down to an eight-month low of $1.237.
European manufacturing data made for bleak reading yesterday, with France and Germany now reporting in the low 40s and the Eurozone in general reporting just 45. The UK manufacturing sector showed some degree of resilience last year but it too is now succumbing to structural pressure, falling to 47 on the latest release. On the other side of the pond, US manufacturing came in ahead of expectations at 49.4 according to S&P Global; the ISM figure will be published later today.
Gold saw some positive momentum yesterday, gaining around $40 to close the day at $2,658 an ounce. Nothing earth shattering but a two-week high nevertheless. Bitcoin experienced a similar move, climbing up to $97k and dragging the rest of the crypto markets along with it.
Very little to get excited about on the economic calendar today. Non-Farm Payrolls is delayed until Friday the 10th. Markets are not quite out of hibernation just yet.
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