US Dollar Index stays defensive around 105.00 as US ISM Services PMI looms – by anilpanchal7 DollarIndex Fed RiskAppetite YieldCurve PMI
uge versus the six major currencies portray the cautious mood ahead of the key US ISM Services PMI for February. Also challenging the DXY bulls could be the latest inaction of the US Treasury bond yields after they refreshed the multi-month high.challenged the market’s hawkish Federal Reserve bias as the policymaker said the central bank could be in position to pause the current tightening cycle by mid to late summer.
Elsewhere, the US-China tension at the Group of 20 Nations meeting, amid the former’s push for sanctions on countries having strong ties with Russia and aiding Moscow in war with Ukraine, previously probed the sentiment. However, the dovish Fed comments and chatters of the Sino-American trade talks seemed to have triggered a risk-on mood afterward.
Amid these plays, Wall Street closed on the positive side, after a downbeat start, whereas the S&P 500 Futures printed mild losses by the press time. Further, US 10-year Treasury bond yields rose to a fresh high since early November 2022 while piercing the 4.0% threshold whereas the two-year counterpart rallied to the highest levels since 2007 to 4.94%. However, the bond coupons have retreated from their multi-month high of late.
Moving on, the DXY traders should pay attention to the US ISM Services PMI for February, expected 54.5 versus 55.2.
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