Bad times for the European currency which continues to suffer from several ills. Since September, it has mainly paid the price of the rise in interest rates in the United States, accentuating a yield differential which naturally pushes the greenback upwards. But for several days, even though interest rates on both sides of the Atlantic have barely changed, the dollar has found new support for its surge in the economic outlook. In Europe, the soup is grimacing like a new drop in the Manufacturing PMI index in Europe which, at 45.1 in December compared to 45.2 in November, is still in a contraction zone. In the United States, the arrival of Donald Trump in power seems on the contrary to open the field of possibilities with a pro-American and pro-business policy.
Summary of the races, the euro has sunk its low points of last November at 1.0335 and validates the exit from the bottom of a flat consolidation which had been in progress since 2023. The potential for a decline is around parity for a first resistance at 1.0429/50.
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