US Dollar Index Is Steady


The U.S. dollar index is steady.

Interest rate differentials remain supportive to the greenback longer term.

The euro zone February consumer price index was up 2.6%, which compares to the forecast of a gain of 2.5%. In January the consumer price index increased 2.8%.

The euro zone’s February manufacturing PMI was 46.5 when 46.1 was predicted

Unemployment in the euro area in January ticked lower to a record low of 6.4%, which was in line with economists’ expectations. Figures for previous months were revised higher to a level of 6.5%.

The Nationwide House Price Index in the U.K. increased by 1.2% year-on-year in February 2024, ending a 12-month period of declines and exceeding market expectations of a 0.7% increase.

Japan’s January jobless rate was 2.4% as expected.


Stock index futures are mixed.

The 8:45 central time February PMI manufacturing final is expected to be 51.5.

The 9:00 February Institute for Supply Management manufacturing index is anticipated to be 49.5.

The 9:00 February consumer sentiment index is estimated to be 79.6 and the 9:00 January construction spending report is predicted to show a 0.2% increase.

The fundamentals are mostly bullish, while and technicals remain supportive to stock index futures.


Federal Reserve speakers today are Christopher Waller and Lorie Logan on a panel at 9:15, Rafael Bostic at 11:15, Mary Daly at 12:30 and Adriana Kugler at 2:30.

Financial futures markets are predicting there is a 3.0% probability that the Federal Open Market Committee will lower its fed funds rate by 25 basis points at the March 20 meeting, and there is a 97% chance that the Fed will keep rates unchanged.

The fundamentals and technicals remain bearish on balance for futures.


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