USD slump carried into today's activity - BBH

The US dollar's slump seen in the final two weeks of 2017 is carried into today's activity and the greenback's sell-off extends to the emerging market currencies as well, explains the research team at BBH.  

Key Quotes

“The Hungarian forint is the strongest, rising nearly 1% and ostensibly helped by the euro approaching last year's high. However, our sense that fumes and momentum more than fresh news is pushing the dollar down is illustrated by the Korean won.  It has gained nearly 0.9% today even though its manufacturing PMI fell below the 50 (49.9) boom/bust level for the first time in six months.”

“The same can be said for sterling.  It is up 0.3% and at three-month highs, but the main economic news today was disappointing.  The December manufacturing PMI eased to 56.3 from 58.2.  The market had expected a smaller decline.  The pullback on the news was limited to about $1.3540 after poking through $1.3565.”