The Pound Sterling has extended its weekly uptrend, trading at a two-week high near 1.2450 against the US Dollar on Friday. This increase follows the release of the United Kingdom's preliminary January PMI data, which exceeded expectations. Meanwhile, the Euro also saw gains, with the EUR/USD pair gathering bullish momentum and climbing toward 1.0500 during the European session.
The Federal Reserve has recently cut interest rates by 100 basis points. However, it has indicated that further policy loosening will depend on evidence of economic weakness and more subdued inflation figures. This stance has shifted market attention to upcoming macroeconomic data releases from the United States.
The stronger-than-expected PMI data from the UK has bolstered the Pound Sterling, contributing to its recent rise. The data indicates an improvement in business activity, providing a positive outlook for the economy. Similarly, upbeat PMI data from Germany and the Eurozone suggest an expansion in their private sectors, further enhancing the economic landscape in Europe.
In addition to traditional currencies, Dogelon Mars (ELON) has continued its rally on Friday, with prices surging more than 18% this week. This cryptocurrency's impressive performance highlights the diverse nature of market activity in recent days.
Market participants are closely watching President Trump's policies, which emphasize low taxes and light-touch regulation. These policies are perceived as favorable for economic growth, potentially influencing investor sentiment and market trends.