Forex Today: Focus shifts to PMI surveys following choppy start to the week – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
The US Dollar is having a difficult time shaking off the bearish pressure early Tuesday andstays in negative territory below 102.00. On Monday, the benchmark 10-year US Treasury bond yield recovered above 3.5% and helped the US Dollar stay resilient against its rivals despite the risk-positive market environment. US stock index futures trade flat in the early European morning as investors await S&P Global Manufacturing and Servicessurveys for the Euro area, Germany, the UK and the US.
With the Fed staying in the blackout period, Wall Street's main indexes registered strong gains on Monday as market participants remain optimistic about a policy pivot. According to the CME Group FedWatch Tool, markets are pricing a 62% probability that the Fed will stay on hold after raising the policy rate by 25 basis points in February and March.EUR/USD
erased its gains in the second half of the day and closed virtually unchanged. Early Tuesday, the pair is stretching higher toward 1.0900. Mixed comments from European Central Bank officials on the policy outlook seem to be limiting the Euro's potential gains for the time being.
The data from Australia showed earlier in the day that the S&P Global Manufacturing and Services PMIs both arrived slightly below in January's flash estimate. Additionally, National Australia Bank's Business Conditions Index declined to 12 in December from 20, missing the market expectation of 19 by a wide margin. Despite the uninspiring data releases,trades in positive territory near 0.7050 and stays within a touching distance of the multi-month high it set at 0.
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