Dollar struggles, shares buoyant as business activity data set the mood

The euro held at a nine-month top against the dollar and global equities bobbed at multi-month highs on Tuesday after reasonable European business activity data and a slew of corporate earnings kept risk appetite buoyant. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), climbed to 50.2 this month from 49.3 in December, the first time it has been above the 50 mark since June. Britain’s flash Composite Purchasing Managers’ Index (PMI) however dropped to 47.8 in January from 49.0 in December, the lowest since January 2021.