Good morning to all FXML leaders on this second day of 2017 and I wish all you guys a great year. May all your forex wishes come true this year.
Seems like Europe has started the year early. Asia, Americas and the UK all are off today, while Europe which is usually the first to close shop and the last to open during holidays, is back to work today.
Perhaps Europeans have decided to work harder to drag themselves out of the economic marsh it´s been in during the last decade, which has lasted way tot long. The Italian, Spanish and German manufacturing data for December beat the expectations by quite some margin this morning.
The Eurozone economy has been picking up pace in the last several months and the manufacturing sector is one of the strongest aspects of the continental economy. Manufacturing and industrial production is probably where Europe specialises best, Italians for French and Spanish for retail fashion, high quality food products and a respectable automotive industry among other, while Germany leads the globe for high quality technology and machinery production.
Eurozone, China and Japan are the three main global regions with a trade balance surplus. Today´s EU manufacturing PMI numbers are another step in the right direction and I bet the ECB is looking closely at it. The Euro doesn´t care on this first day of the new year as EUR/USD slides down, but that´s totally expected today, since liquidity is still very scarce.