Despite the subdued start to the week, participants digested the final PMI Day of 2024, revealing optimism in the UK and eurozone services sector.
Comments from ECB President Lagarde suggest inflation risks are 'two-sided,' leading to a decrease in the likelihood of a 50bp rate cut in January.
The EUR showed little movement despite paring back rate cut odds, indicating that forex participants are waiting for clarity from the upcoming FOMC meeting.
The JPY weakened, with USD/JPY surpassing the 154 mark, as expectations around the BoJ's inaction on Thursday increased amid source reports.
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