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The US dollar surged to multi-day highs, driven by President Trump’s new tariff announcements and cautious trading ahead of crucial US inflation data (PCE) due Friday.
Key Highlights for Friday, February 28:
US Dollar (DXY): Climbed past 107.00, supported by tariff news and rising US Treasury yields. Key US data releases include PCE, Personal Income/Spending, Chicago PMI, Goods Trade Balance, and Wholesale Inventories.
EUR/USD: Fell to weekly lows below 1.0400, pressured by the stronger dollar. Focus on German Retail Sales, labor market report, and February inflation, along with ECB Consumer Inflation Expectations.
GBP/USD: Reversed recent gains, nearing the 1.2600 support level as the dollar strengthened. UK Nationwide Housing Prices are scheduled.
USD/JPY: Briefly exceeded 150.00, continuing its upward trend. Tokyo inflation, Industrial Production, Retail Sales, Housing Starts, Construction Orders, and Foreign Bond Investment data are anticipated.
AUD/USD: Broke below 0.6300, hitting two-week lows. Australian Housing Credit and Private Sector Credit figures are expected.
WTI Crude Oil: Rebounded above $70.00 per barrel, fueled by supply concerns after President Trump revoked Chevron’s Venezuela operating license.
Gold: Declined to two-day lows around $2,870 per ounce, impacted by the stronger dollar and rising US yields.
