FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the common currency met some demand this Monday, helped by tepid US data and falling oil prices.
Key Quotes:
“The day started with the release of the Chinese official manufacturing PMI down to 49.4 in January from 49.7 in December. The Caixin Manufacturing PMI also signaled a modest deterioration in operating conditions at beginning of 2016, with both output and employment declining at slightly faster rates than in December, and resulting at 48.4 in January.
In fact, and with the exception of the UK one, all manufacturing PMIs, showed that growth decelerated at the beginning of the year, as the German reading resulted at 52.3 against the 52.1 expected and below the 53.2 final December reading.
The EU figure matched expectations at 52.3, also below the 53.2 printed in December. In the US, personal income surged by 0.3% in December, but consumption lacked, as spending was flat during December. The US manufacturing ISM for January was weaker-than-expected at 48.2, suggesting Friday’s payrolls can be a miss, given that the employment component fell.”
(Market News Provided by FXstreet)