Article Highlights

  • U.S. and Canadian banks closed for the holiday
  • Australia AIG manufacturing index up from 54.2 to 55.4
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The Greenback seems to be off to a roaring start for 2017 even as U.S. and Canadian traders were still out enjoying the holiday.

Major Events:

Risk-taking in play? – Investors seem to be in a cheery mood for the first trading day of the year in European markets, allowing equity indices to close higher. Perhaps this was mostly due to stronger than expected euro zone PMI readings, with Germany’s final manufacturing PMI upgraded from 55.5 to 55.6 to show a faster pace of growth than initially reported.

Spain also posted an impressive manufacturing PMI of 55.3, up from the earlier 54.5 figure and higher than the estimated 54.6 reading. Italy’s manufacturing PMI beat expectations by jumping from 52.2 to 53.2, outpacing the consensus at 52.3. The French final manufacturing PMI was unchanged at 53.5 as expected while the region’s overall manufacturing PMI was also maintained at 54.9. The German DAX closed 1.05% higher while the French CAC 40 advanced 0.66%.


Major Market Movers:

USD – The scrilla woke up on the right side of the bed and closed out positively against its peers at the start of this week.

EUR/USD started off at 1.0516 then fell to a low of 1.0449, USD/JPY is up from 117.12 to a high of 117.66, GBP/USD is down from 1.2346 to 1.2281, and AUD/USD gapped down to .7190 then dipped to a low of .7165.

Watch Out For:

  • 1:45 pm GMT: Chinese Caixin manufacturing PMI (no change from 50.9 expected)
  • Japanese banks closed for the holiday


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