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    Eurozone HCOB Composite PMI improves to 47.9 in January vs. 48 expected

    Source Fxstreet
    January 24, 2024 09:06
    • HCOB Composite PMI for the Euro area improved slightly in early January.
    • EUR/USD continues to fluctuate below 1.0900 after PMI data.

    The economic activity in the Euro area's private sector continued to contract in early January, albeit at a slower pace than in December. HCOB Composite PMI edged higher to 47.9 in January's flash estimate from 47.6 in December. This reading, however, fell short of the market expectation of 48.0.

    In the same period, HCOB Services PMI declined to 48.4 from 48.8, while the Manufacturing PMI improved to 46.6 from 44.4.

    Commenting on the PMI survey's findings, “the commencement of the year brings positive tidings for the Eurozone as manufacturing experiences a widespread easing of the downward trajectory witnessed in the past year," said Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank. "This positive shift is evident across key indicators such as output, employment, and new orders. Notably, the export sector plays a pivotal role in driving the improvement of the latter, showing better conditions compared to the end of the preceding year."

    Market reaction

    EUR/USD clings to modest daily gains above 1.0850 following this report.

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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    PBoC sets USD/CNY reference rate at 7.1068 vs. 7.1032 previousOn Tuesday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1068 as compared to Monday's fix of 7.1032 and 7.2080 Reuters estimates.
    Source  Fxstreet
    On Tuesday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1068 as compared to Monday's fix of 7.1032 and 7.2080 Reuters estimates.
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    ECB's Villeroy: Several reasons why we should not wait too long before first rate cutEuropean Central Bank (ECB) Governing Council member and Bank of France President, Francois Villeroy de Galhau, said on Friday that there are “several reasons as to why we should not wait too long before first rate cut.” Additional quotes There is still the question of the exact timing for the rate cut.
    Source  Fxstreet
    European Central Bank (ECB) Governing Council member and Bank of France President, Francois Villeroy de Galhau, said on Friday that there are “several reasons as to why we should not wait too long before first rate cut.” Additional quotes There is still the question of the exact timing for the rate cut.
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    RBA's Kohler sees inflation returning to target range in 2025Reserve Bank of Australia (RBA) Head of Economic Analysis Marion Kohler spoke at the Australian Business Economists Annual Forecasting Conference in Sydney early Tuesday.
    Source  Fxstreet
    Reserve Bank of Australia (RBA) Head of Economic Analysis Marion Kohler spoke at the Australian Business Economists Annual Forecasting Conference in Sydney early Tuesday.
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