•
Dollar ends 2014, starts 2015 on a high note
– Hit high
for 2014 vs EUR, CHF and NOK, also on DXY index
– Starts
2015 higher than all of 2014 as measured by the Bloomberg USD index
•
NZD, AUD fall as China official PMI falls
– While China
official PMI beat estimates, it corroborated the decline in HSBC/Markit index
from November to December and so was negative
– NZD, AUD
weaken as a result
– I expect
China to continue to slow and hence AUD, NZD to be weak in 2015
•
Questions creep in about ECB QE
– Can ECB
take the decision to share risk among countries if politicians haven’t?
– Can ECB
buy Greek bonds if the country isn’t in an IMF program?
– Delay of
ECB QE might hurt euro as it means worse outlook for deflation, economy
•
Today:
– Eurozone: Final
PMIs for Germany, France, Eurozone
– UK:
Manufacturing PMI, mortgage approvals
– US: Markit
PMI, ISM manufacturing
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