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In a week with no big data or central bank surprises, renewed fears of turmoil in the US banking sector on the back of the free fall of the New York Community Bancorp (NYCB) stock, drove longer dated yields lower as markets largely ignored hawkish Fed comments.
The euro is showing limited movement on Tuesday. In the North American session, EUR/USD is trading at 1.0866, down 0.15%. Eurozone, German PMIs expected to
The eurozone economy is sputtering and the road to recovery is likely to be a long one. Manufacturing and services PMIs are useful gauges of economic activity and the news has been grim. Both the eurozone and Germany, the largest economy in the bloc, are grappling with prolonged contraction in the manufacturing and services sectors, with readings below 50. This is not expected to improve anytime soon, and the December PMIs, which will be released on Wednesday, are projected to remain in contraction territory.
As we enter 2024, focus is on when, how much and especially why central banks lower rates.
Emerging markets currencies and stocks opened 2024 on a weak footing as investors were cautious ahead of key U.S. economic data, while factory activity readings across Turkey, Poland and Czech...