Market Drivers – US Session, February 26

A further depreciation of the US dollar enabled riskier financial assets to continue rising in the green, amidst persistent bets of a June interest rate cut by the Fed and before of important inflation data for the US (PCE) and the Eurozone’s CPI data.

When measured by the USD Index (DXY), the dollar began the week on the defensive and continued to trade below the 104.00 level. The Consumer Confidence Index, which is backed by the Durable Goods Orders and the FHFA House Price Index, will be released by the Conference Board on Tuesday. The Fed’s Schmid and Barr are also scheduled to speak.

With a multi-session rebound, EUR/USD continued to rise and retraced its losses to the monthly highs close to the 1.0900 mark. Germany’s GfK Consumer Confidence report is coming on February 27.

Despite the recent multi-session rally, the 1.2700 neighbourhood continued to cap the upside bias in the GBP/USD pair. BoE’s Ramsden isn’t scheduled to talk until February 27 across the Channel.

The USD/JPY continued its slow upward trend and got close to the pivotal round milestone of 151.00. The Japanese docket’s main topic on Tuesday will be the Inflation Rate.

The two-week upward trend in AUD/USD was sharply reversible, as the pair fell to one-day lows of 0.6530. On February 28, the RBA’s Monthly CPI Indicator will be released in Oz.

WTI prices recovered from Friday’s decline and crossed the $77.00 per barrel barrier, bolstered by both the typical tight supply narrative and worries about possible disruptions.

under the pressure of rising US Treasury yields throughout the curve, gold prices on Friday gave back some of their gains and moved back into the $2,025 range. Silver fell to multiday lows of $22.50.

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