2016 closed on Friday after the Euro made around 1.6% gains against Sterling and around 1.6% against the Greenback, after a fat finger error sparked automatic trades and a surge in Euro buying. Since this event these gains have now retraced against the dollar and is now back trading at 11 year lows.
The start of 2017 starts off fairly quiet, with uncertainty of Brexit looming over the pound being the main focus for the UK and the ever expected impact of this awaiting to be seen on the economy. Yet another month has seen manufacturing in the UK jump up to 56.1 from the previous November figure of 53.6, proving again that the effects of the vote to leave the EU is not show signs of slowing the UK economy down.
The rest of the day sees little in relation to data releases, with only the US to release their ISM manufacturing PMI gauge later this afternoon. Manufacturing is expected to slightly increase in December to 53.7, from the previous month of 53.2.
There is likely going to be little impact or volatility to be seen from this, as the focus of the US has been on Donald Trump and will remain on him until he becomes the 45th president on the 20th January. Once there all will watch to see what his first move will be and if he stays true to his words on running for presidency.
Have a good day