The overnight trading session was relatively quiet, with U.S. markets closed for the Thanksgiving holiday on Thursday. In Asia, futures pointed to a lower start for Japanese markets while investors are likely to keep an eye on Chinese markets after equities took a tumble in the last session.
On the data front, the European composite Purchasing Managers’ Index released overnight rose to 57.5 in November. A Reuters poll had projected the figure to remain unchanged from October’s reading of 56. That showing suggested broad-based recovery in the euro zone.
The euro strengthened for a third consecutive session on Thursday on the back of the upbeat economic indicators, climbing as high as $1.1855 overnight. The common currency traded at $1.1849 at 6:49 a.m. HK/SIN, compared to the $1.17 handle at which it began the week.
More generally, the dollar remained on the back foot against a basket of six major currencies as cautious minutes from the Federal Reserve released Wednesday continued to weigh on the currency. The dollar index stood at 93.118 at 6:57 a.m. HK/SIN after falling as low as 93.070 overnight. Against the yen, the greenback was mostly steady at 111.23.
