The New Year starts with declines

3 January, 2017

As the first trading day of the new year kicks off, the major currencies post mixed performance amid thin market volumes. The European and British currencies lost around 0.3% against the US Dollar. Currently, the US Dollar is closed due to the holidays.

The European currency caved in on the PMI updates about the fresh German manufacturing data and the economic situation in France, Italy and in the Eurozone, in general. The headline readings were mainly positive signalling expansions in the sector. Surprisingly this served as a trigger to the weakness in the Euro, which started tumbling below the 1.05 level, before swaying in the most comfortable range of 1.0450. The Pound was is struggling near a 1.23 support level, as Brexit rumours accumulate more suspicions regarding the outcome set for March 2017. The Swiss Franc and Japanese Yen declined 0.40%.

The European bond yields fell sharply showing decreasing risk appetite, as there is an absence of growth catalysts on the market. The German 10YR bond yields fell more than 20%, as Switzerland sovereign debt yield declined by 35%, -18% in Denmark.

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