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New York Fed Staff Nowcast

FOREX: As was the case in the closing days of 2017, the US dollar's again been
on the backfoot, prompting most major pairs to post impressive gains against the
greenback to kick off 2018. Both EUR/USD and GBP/USD now sit at multi-month
highs with the price action proving largely one-directional despite mixed
manufacturing PMI results: French, Italian, UK and Spanish Manufacturing PMIs
slowed, Germany's was inline.
* EUR, GBP, AUD and JPY among others are stronger by 0.3-0.4% against the US
* Market holiday in Japan kept volume and liquidity relatively thin in the
Asia-Pac session as the dollar modestly weakened.
* Throughout the European morning, traders followed suit and almost all major
pairs remain bid ahead of the the NY crossover.
* Calendar is light for the rest of the session, with just US final December
manufacturing PMIs on the slate, which is expected unrevised at 1445GMT.
* Focus likely to be on whether the dollar's downward momentum will be
maintained ahead of Nonfarm Payrolls on Friday.
MNI London Bureau | +44 203-865-3809 |