US dollar rises ahead of Super Tuesday, according to PMI data.
The US Dollar (USD) rises on the second day of the week as Super Tuesday approaches. With former US President Donald Trump projected to increase his lead in the Republican Party’s nomination race.
Markets prepare for US PMI data after digesting negative statements from China’s National People’s Congress.
The US Dollar rose overnight as investors were disappointed by economic headlines from China’s National People’s Congress (NPC). Moreover Markets anticipated additional stimulus from the world’s second-largest economy. And are currently hammering the Chinese Yuan (CNY), allowing the Greenback to gain ground.
Moreover On the economic calendar, S&P Global will release the final reading of the Services. And Composite Purchasing Managers Index (PMI) for February. More crucially for markets, the Institute for Supply Management (ISM) is preparing to release its own PMI figures for the US services sector. With this agenda, markets will have plenty of data to study. And position themselves ahead of the European Central Bank’s (ECB) rate decision on Thursday and other key US data releases at the end of this week.
Daily market movers: First waves are underway,US Dollar (USD) rises on the second day of the week.
The US Dollar (USD) rises on the second day of the week as Super Tuesday approaches. With former US President Donald Trump projected to increase his lead in the Republican Party’s nomination race.
Furthermore Tuesday’s economic schedule begins at 13:55 GMT with the Redbook Index. The prior reading stood at 2.7%.
S&P Global will announce the final Purchasing Managers Index statistics for February at 14:45 GMT:
The preliminary Services index came in at 51.3.
Moreover The Composite PMI stood at 51.4, and markets do not expect it to be revised.
At 15:00 GMT, a large amount of data will be released:
ISM Services figures for February:
The headline Services PMI is predicted to decline from 53.4 to 53, but remain over the 50.0 threshold that indicates expansion.
Services Employment Index stood at 50.5, Prices Paid at 64, and New Orders at 55.
In January, the Services Employment Index stood at 50.5, Prices Paid at 64, and New Orders at 55.
US factory orders are predicted to fall 2.9% in January, following a tiny 0.2% uptick in December.
Furthermore The TechnoMetrica Institute for Policy and Politics (TIPP) will issue the March Economic Optimism Index. The indicator is predicted to increase to 45.2 from 44 a month earlier.
Moreover Michael Barr, Vice Chairman of the Federal Reserve, is scheduled to speak twice on Tuesday: at 17:00 GMT and at 20:30 GMT.
Moreover Equities are unhappy with the minimal measures proposed on the opening day of China’s National People’s Congress. Markets expected more, as practically all major indices fell by 0.50%. All three US equities futures are down ahead of the US opening bell.
Furthermore According to the CME Group’s FedWatch Tool, there is a 97% chance of a Fed pause at the March 20 meeting, with 3% chance of a rate drop.
The benchmark 10 year US Treasury Note trades about 4.19%. Roughly sideways considering recent week’s range.
