Daily Update - 3rd January 2018
The sentiment around the major also remains underpinned by optimism about the euro zone’s economic outlook, especially after the solid German and Eurozone final manufacturing PMI readings. From U.S. Manufacturing Purchasing Managers Index for December rose to a reading of 55.1 from November’s 53.9, marking the quickest pace in over two years, research firm HIS Markit said in its latest report. The December figure was slightly higher than the market consensus of 55.0. Economists had estimated that it would remain flat at 55.0. FOMC minutes for December meeting will be a major focus of the day. Fed raised interest rate by the third-time last year in December. The biggest difference that time was that Chicago Fed President Charles Evans joined Minneapolis Fed President Neel Kashkari in dissenting. What both have said during the meeting could be something of interest. Other than that, the minutes shouldn't reveal anything new given that there was a press conference, with new projections released after the meeting. On the data front, Swiss will release PMI manufacturing while UK will release construction PMI. Germany will release unemployment. US ISM manufacturing will also be a focus and a strong set of number is needed to give Dollar a life. Yesterday’s Focus
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