USD/JPY shows some life in final stretch of the weekWhat is the distribution of forecasts for the US PCE?China banks reportedly called upon by PBOC to cut rates on dollar depositsBOE's Ramsden: A gradual and careful approach is needed on rate cutsBavaria February CPI +2.4% vs +2.5% y/y priorFrance February preliminary CPI +0.8% vs +1.0% y/y expectedItaly February preliminary CPI +1.7% vs +1.7% y/y expectedGermany January retail sales +0.2% vs 0.0% m/m expectedGermany January import price index +1.1% vs +0.7% m/m expectedGermany February unemployment change 5k vs 15k expectedFrance Q4 final GDP -0.1% vs -0.1% q/q prelimChina's Politburo says will implement more proactive macro policyJapan PM Ishiba's government cuts FY25/26 Budget plan to JPY 115.2tln
Markets:
CAD leads, NZD lags on the dayEuropean equities lower; S&P 500 futures up 0.2%US 10-year yields down 2.7 bps to 4.259%Gold down 0.4% to $2,864.20WTI crude down 1.2% to $69.48Bitcoin down 4.8% to $80,258The dollar was steadier overall, holding gains following Trump's renewed tariffs threat yesterday. EUR/USD is little changed, continuing to hug the 1.0400 level with large option expiries locking price action. Meanwhile, GBP/USD is also flat circling closer to the 1.2600 mark.
The aussie and kiwi were already more subdued since Asia trading and stayed that way. AUD/USD is down 0.2% to 0.6220 with NZD/USD down 0.4% to 0.5605 currently. USD/CAD is holding its own, down 0.1% to 1.4425 in a session that offered little.
As for US futures, they are holding higher but there is still a sense of apprehension in the air. The selloff yesterday was notable and it's definitely still weighing on the back of investors' minds coming into today.
To close out the week/month, we'll have to work through the US PCE price data and more Trump headlines later to sort things out before the weekend. Adding to that, month-end flows will also be something to watch out for. As such, keep an eye out for any added dose of volatility at the London fix later just in case.
This article was written by Justin Low at www.forexlive.com. Read More Details
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