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January 24, 2025
Euro traded at 1.0510 against USD at 9:00 AM PST
The Euro area private sector returned to growth in January as the contraction in manufacturing activity slowed, and the services sector continued to expand, albeit at a slower pace, as the results of the purchasing managers' survey by S&P Global showed. The HCOB composite purchasing managers' index, which combines manufacturing and services, rose to a five-month high of 50.2 from 49.6 in December. Economists had forecast a modest increase to 49.7. A PMI reading above 50 suggests growth in the private sector. The HCOB manufacturing PMI climbed to an eight-month high of 46.1 from 45.1 in December, thus remaining in the contraction territory.
Economists were looking for a score of 45.6. The services industry measure sunk to a two-month low of 51.4 from 51.6 the previous month. The reading was forecast to remain unchanged. The PMI survey showed a near-stabilization in employment in the private sector despite the ongoing weakness. 01/24/2025 - 10:28:00 (RTTNews)
Japanese Yen traded at 155.17 against USD at 9:00 AM PST
The Bank of Japan raised its short-term interest rate to the highest in seventeen years on Friday as expected, aiming for a sustainable and stable achievement of the price stability target of 2.0% amidst rising wages. The bank's policy board members, led by Governor Kazuo Ueda, voted 8-1 to raise the uncollateralized overnight call rate to around 0.5% from 0.25%. This was the highest since the global financial crisis in 2008. The BoJ had ended its negative interest rate policy in March and last lifted the interest rate in July to 0.25%. The decision was motivated by the momentum behind increased wages and the ongoing rise in inflation. The central bank has hinted at the possibility of additional interest rate increases while highlighting its intention to exercise utmost caution to ensure that the economy remains stable.
The BoJ also released the latest macroeconomic projections on Friday where the bank lowered the economic growth estimate for fiscal 2024 to 0.5% from 0.6%. Growth projections for fiscal year 2025 were retained at 1.1% and the bank projected 1.0% growth for fiscal 2026, respectively. Core inflation projection for fiscal 2024 was raised to 2.2% from 2.0% and that for fiscal 2025 was lifted to 2.1% from 2.0%. Core inflation for the 2026 fiscal was forecast at 2.1%. 01/24/2025 - 02:50:00 (RTTNews)
Singapore Dollar traded at 1.3454 against USD at 9:00 AM PST
Singapore's industrial production continued to expand sharply at the end of the year, preliminary data from the Economic Development Board revealed. Industrial production advanced 10.6% year over year in December, slightly slower than the 10.8% surge in November. The expected increase was 6.4%. Production has been rising since July. Excluding biomedical manufacturing, industrial production also grew 10.6% annually in December versus a 16.0% jump the prior month.
Monthly, industrial production dropped 0.7% in December after recovering 1.7% in November. Among the major clusters, transport engineering output climbed 16.0% annually in December, and electronics output was 14.3% higher. Biomedical manufacturing output also rose sharply by 9.4%, driven by the pharmaceuticals segment. Data also showed that the precision engineering cluster logged an expansion of 3.9% compared to last year, and general manufacturing output increased by 3.7%. During the year 2024, total industrial production was 4.3% higher compared to last year. 01/24/2025 - 02:15:00 (RTTNews)
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