Forexlive European FX news wrap: A very calm session ...Middle East

US February NFIB small business optimism index 100.7 vs 101.0 expectedCiti the next to downgrade their outlook on US stocksECB's Rehn: US tariffs could cut global output by more than 0.5% this year and the nextRussia brushes off ceasefire talks, says "there are many rumours" circulatingWhat are the main events for today?China's National People's Congress enters into its final sessionFX option expiries for 11 March 10am New York cutRecession risks starting to draw more attention this weekMoscow airport suspends flights after latest drone attackUS-China trade talks are reportedly at an impasse for nowTech shares poised for a fourth straight week of declines after yesterday's selloff

The main event today will be the US Job Openings data although the focus is on the US CPI report tomorrow ahead of the FOMC decision next week. That's likely going to be a make or break moment for the markets.

The US stock market is higher on the day as it continues to rebound from yesterday's selloff. We might see some short covering heading into the US CPI.

Treasury yields are also rising into the US CPI release. All else being equal, the markets might now just de-risk heading into the CPI release so I wouldn't read too much into the price action.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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