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Forex Today: PMI data could wake up markets ahead of key risk events

Here's what you need to know to trade today Tuesday March 5:

Major currency pairs continue to fluctuate in known ranges early Tuesday following indecision the previous day. Data from the US economic agenda will be published on the ISM Services PMI February and factory orders from January. S&P will also publish the Final revisions to February PMIs for the EU, Germany, the United Kingdom and the United States.

The chairman of the Federal Reserve, Jerome Powellwill present the semiannual monetary policy report on Wednesday and Thursday, the European Central Bank will announce its monetary policy decision on Thursday and the US Bureau of Labor Statistics will release the February employment report on Friday.

During the first half of trading on Monday, the US Dollar (USD) struggled to strengthen against its rivals. However, the bearish opening seen on Wall Street helped the currency remain firm and the DXY Dollar Index closed the day virtually unchanged. In the European morning on Tuesday, the DXY index is trading slightly higher, but remains below the 104.00 level. Meanwhile, US stock index futures are down 0.3% to 0.5%, pointing to cautious sentiment in the market, while the 10-year US Treasury yield remains around 4.2. %.

Dollar Quote Today

The following table shows the percentage change of the United States Dollar (USD) against the main currencies.

USD EUR GBP CAD AUD JPY NZD CHF
USD 0.07% 0.11% 0.17% 0.42% 0.01% 0.35% 0.10%
EUR -0.07% 0.04% 0.10% 0.33% -0.05% 0.26% 0.05%
GBP -0.10% -0.03% 0.06% 0.29% -0.10% 0.24% 0.01%
CAD -0.17% -0.10% -0.07% 0.21% -0.15% 0.16% -0.07%
AUD -0.42% -0.33% -0.29% -0.23% -0.39% -0.07% -0.28%
JPY -0.02% 0.07% 0.06% 0.16% 0.37% 0.34% 0.09%
NZD -0.36% -0.26% -0.25% -0.18% 0.07% -0.35% -0.21%
CHF -0.11% -0.04% -0.01% 0.06% 0.30% -0.11% 0.24%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change that appears in the box will represent EUR (base)/JPY (quote).

Despite the turmoil seen in the currency markets, the price of Gold gained bullish momentum and extended its rally to a new 2024 high above $2,100 on Monday, rising more than 1.5% on the day. XAU/USD consolidates its gains above $2,110 at the start of the European session on Tuesday.

He EUR/USD It closed slightly higher on Monday, but retreated to the 1.0850 area early on Tuesday. Eurostat will publish the Production Price Index (PPI) for January.

Data from Japan showed early on Tuesday that the Tokyo Consumer Price Index rose to 2.6% year-on-year in February from 1.8% in January. The Tokyo CPI excluding food and energy fell to 3.1% from 3.3% in the same period. He USD/JPY It showed no immediate reaction to these readings and is now moving sideways around 150.50.

Speaking at the annual meeting of the National People's Congress (NPC) on Tuesday, Chinese Premier Li Qiang has pointed out that the foundations of China's economic recovery are not yet solid. According to Reuters, China is expected to set a 5% growth target for 2024. The pair AUD/USD has come under bearish pressure during the Asian session and is now losing almost 0.5% on the day, settling around 0.6480.

He GBP/USD It closed positive for the second consecutive day on Monday, but reversed direction after finding resistance around 1.2700. The pair remains lower in the early hours of Tuesday and retreats towards 1.2670.

Source: Fx Street

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