What is it about the pound on the first trading day of the year?

January 2, 2025
-FCHFX

January 02, 2025 at 06:50PM
The pound is the weakest performer today, falling 1.15% on the first real trading day of the year.

Deutsche Bank notes that there is a pattern here:

Remarkably, this extends sterling’s losing run on the first day of the trading year to
seven years (i.e. performance on the first trading day after New Year’s Day). Over a
longer lookback, sterling has only managed three positive returns over the past
twenty years of first-day trading

Does it extend?

Not at all, DB found no strong pattern over first-day GBP selling extending or reversing in the following week.

This article was written by Adam Button at www.forexlive.com.

What is it about the pound on the first trading day of the year?