EUR/USD flatlined, cycling near the 1.0400 handle as investors grind through a largely unremarkable week despite a strong start on Monday. A lack of meaningful economic docket data isn't doing already-tepid markets any favors, and political headlines are driving most of what little trading volume exists.
President Donald Trump lashed out about a wide variety of topics during his appearance at the WEF's annual gathering in Switzerland, colloquially referred to as Davos, the city that hosts the forum every year. President Trump reminded everyone listening that he intended to "obliterate" the US budget deficit, while somehow convincing the US Congress to pass "the largest tax cut in American history" at the same time. Donald Trump also vowed to attempt to subvert the operational independence of the US Federal Reserve (Fed) by demanding lower interest rates.
Fiber traders will have to settle for focusing on Friday's Purchasing Managers Index (PMI) figures due from both the EU and the US. Both EU and US PMI business activity survey results for January are expected to come in mixed this week. The services components expected to tick down, or in the EU's case, hold flat, and manufacturing to recover, albeit slightly. PMI figures generally have a limited impact unless figures come in wildly out of sync with forecasts, but survey respondent rates tend to be on the low side, and the overall figures should be taken with a grain of salt.(cay) Newsmaker23
Source: Fxstreet
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