Dollar struggles continue in European trading todayEuro extends gains to near four-month highsGerman bond yields surge higher after deal to loosen debt brakeBOJ's Uchida: We don't have a preset idea in mind on pace of future rate hikesBOJ's Uchida: There will always be uncertainty over impact of US tariffs on global economySwitzerland February CPI +0.3% vs +0.2% y/y expectedEurozone January PPI +0.8% vs +0.5% m/m expectedEurozone February final services PMI 50.6 vs 50.7 prelimUK February final services PMI 51.0 vs 51.1 prelimUS MBA mortgage applications w.e. 28 February +20.4% vs -1.2% priorGermany reportedly calls for EU to ease fiscal rules in order to bolster defense spendingChina president Xi continues to push the goal of common prosperity
Markets:
EUR leads, CAD lags on the dayEuropean equities higher; S&P 500 futures up 0.4%US 10-year yields up 3.2 bps to 4.242%Gold flat at $2,916.47WTI crude down 1.7% to $67.07Bitcoin up 3.5% to $90,624The mood is helped by news from Germany overnight, as a deal was struck to loosen the debt brake as Germany steps up spending on infrastructure and defense. And now they're even calling for the EU to relax their fiscal rules to accommodate that!
In FX, the dollar continues to hold in a softer spot on the week with a more positive risk mood now also weighing. The de-risking this week didn't help the greenback but the opposite seems to be weighing on it. That's a tough one.
As for US futures, the mood is positive but wasn't as optimistic as it was a few hours ago. S&P 500 futures were up as high as 0.9% earlier but are now just up 0.4% ahead of US trading.
There's going to be some big US economic data to watch out for in the day ahead with the ADP employment report and ISM services PMI data on the agenda. So, keep an eye out for that alongside more Trump headlines in the session ahead.
This article was written by Justin Low at www.forexlive.com. Read More Details
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