Dollar is Lower, Euro Currency Higher


The U.S. dollar is lower, and the euro currency is higher.

Euros and dollars

The euro zone February manufacturing PMI was 48.5, as estimated, but was down from 48.8 in January.

Analysts expect the European Central Bank will raise key rates by another 50 basis points at its March 16 policy meeting and possibly by 25 basis points at its May meeting.

The S&P Global/CIPS U.K. monthly manufacturing PMI increased to 49.3 in February from 47.0 in the previous month, but is still below the 50 threshold for growth.

British house prices in February dropped by the most in over 10 years. The 1.1% decline was the biggest year-on-year drop since November 2012, and also is the first annual decrease since June 2020.


Mortgage applications were down 5.7% in the week ended February 24, marking a third consecutive decline, and pushing the mortgage index close to a 28-year low, according to data from the Mortgage Bankers Association. Applications to refinance a home loan fell 5.5% and those to purchase a home loan declined 5.6%.

The 8:45 central time February PMI manufacturing final report is expected to be 47.8.

The 9:00 February institute for Supply Management manufacturing index is anticipated to be 48.0, and the 9:00 January construction spending report is predicted to show a 0.2% increase.

Analysts’ commentary on stock index futures has become overwhelmingly bearish.


Futures are steady to higher at the front of the curve and lower at the long end of the curve.

Neel Kashkari of the Federal Reserve will speak at 8:00.

Most likely the Federal Open Market Committee will increase its fed funds rate by 25 basis points at its March 22 policy meeting, and there is more talk of another 25 basis point hike at the May meeting.

The severely inverted yield curve is becoming even more inverted but continues to get very little attention.


Interested in more futures markets?  Explore our Market Dashboards here.

Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.

ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.                  

A subsidiary of Archer Daniels Midland Company.

© 2024 ADM Investor Services International Limited.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

Latest News & Market Commentary

Explore the latest edition of The Ghost in the Machine

Explore Now