On Tuesday, the global cryptocurrency market experienced a significant downturn, with its market capitalization plummeting by $410 billion. This decline followed the gains exceeding 10% that were recorded after former President Donald Trump announced his strategic reserve plans. Meanwhile, in the foreign exchange market, GBP/USD saw renewed demand, climbing back to 1.2700 during Europe's trading hours. Gold also showed a positive trend, reaching a fresh daily high around the $2,918-2,919 range.
The day's economic developments were further highlighted by Trump's fulfillment of imposing hefty tariffs. He confirmed a 25% tariff on imports from Canada and Mexico while increasing tariffs on China to 20%. These measures have kept the spotlight on trade policies and the Federal Reserve's communications, impacting various sectors globally.
In Central and Eastern Europe (CEE), there were notable movements in the Purchasing Managers' Index (PMI). Romania's February PMI stood at 48.3, seen as an encouraging sign amidst challenging times. Despite this, the manufacturing PMI in Romania and Czechia remained below the critical 50-point threshold. Czechia's manufacturing sector, however, showed a slower rate of decline, marking its weakest pace of deterioration since June 2022.
Conversely, Poland exhibited positive economic indicators with new orders, production, and employment levels on the rise. This growth pushed Poland’s PMI to 50.6, surpassing the 50-point threshold which signals expansion. This upward trend has been consistent since mid-2024, reflecting strengthening economic conditions. The broader region saw an increase in PMI indices in February, suggesting resilience among CEE currencies.
It is important to note that while these insights are based on reliable information and data sources, Erste Bank Sparkassen (CR) and its affiliates disclaim any responsibility for the accuracy or completeness of this data.