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UK DATA

Final manufacturing PMI 58.1 (58.2 flash)

BONDS

European roll update

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  • Overall, the greenback traded marginally in the red on Thursday with a mixed and subdued performance across G10 currencies. EUR firmed slightly above 1.1200 but remained in a 32-pip range. NZD and CHF were underperformers, both falling around a quarter of one percent. EURCHF edged back toward the key 1.0505 pivot point.
  • Strength in the Swedish krona was a standout after the Riksbank signalled it could start reducing the size of its balance sheet even earlier than their forecast to raise rates from zero in 2024. Broad SEK strength was seen against both the euro and the dollar, in the region of 0.6%.
  • In emerging markets, USDMXN traded with a supportive tone, rising around 0.65%. Ongoing concerns regarding the new central bank governor-elect have prompted the pair to hover just below the 2021 highs of 21.6357.
  • Aussie retail sales are due overnight before Eurozone M3 money supply data during the European session. The US Treasury is also due to publish their report on international economic and exchange rate policies.