Market Movers: USD continues to flaunt strength, EUR sees new lows

FXStreet (Barcelona) - USD continued to flaunt its strength in the first trading session of the New Year amidst thin trading in the Asian session. The euro bears were granted their wish for a lower euro with the EUR/USD pair tumbling towards downwards to trade just above the 2012 lows at 1.2042, helped by Draghi’s comments citing an increasing risk for the ECB to preserve price stability, currently down 0.44% at 1.2048. USD/JPY pair trades above the 120 handle at 120.43, up 0.49%.

China’s official PMI came in lower, signalling a weak growth momentum. The fall in the manufacturing PMI was a result of lower domestic demand.

The antipodeans are trading soft and are the top losers in the FX trade today, with the AUD/USD pair down 0.44% at 0.8137 (-3.67% on a monthly basis), and NZD/USD is down 0.55% at 0.7754. USD/JPY is up 0.54%, trading at 120.49 levels. GBP/USD trades lower near the 1.55 handle at 1.5542 (-0.25%).

Gold has steadied into the New Year, with Gold Futures trading at USD 1187.45/oz (-0.92%). Oil has followed suit, with the WTI Crude up 0.88% at USD 53.60/barrel and Brent Crude at USD 57.32/barrel, higher by 2.13%.

USD/PLN at 3.5698 (+0.66%), CHF/PLN at 3.5480 (+0.61%) and USD/NOK at 7.5009 (+0.54%) are the top gainers in the FX Space. AUD/CHF at 0.8114 (-0.28%) and NZD/CHF at 0.7730 (-0.28%) are among the top losers after their USD counterparts.

Key Highlights:

Risk of ECB failing its mandate higher than 6 months ago – Draghi

USD/JPY jumps back above 120 handle

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Gold steadies into the New Year