US Dollar steady, gyrates around 89.50 ahead of ECB
- The greenback navigates the lower end of the weekly range near 89.50.
- Yields of the US 10-year note hovering over 2.88%/2.87%.
- ECB meeting, Trump’s presser on tariffs next of relevance later in the day.
The US Dollar Index, which measures the buck vs. a basket of its main rival currencies, is trading unchanged around the 89.50 area ahead of the ECB meeting and US payrolls tomorrow.
US Dollar attention to Trump, tariffs
The index remains unable to gather some serious traction today, keeping the trade around the mid-89.00s ahead of the key ECB meeting and critical Trump’s press conference on tariffs expected in the European evening/night.
In fact, markets stay sidelined so far today in light of the ECB meeting, where broader expectations point to a ‘no change’ in the central bank’s message, while Draghi’s presser could be tilted towards the dovish side.
Back to the US, President Trump will speak later in the day with tariffs on steel and aluminium taking centre stage, as well as the possibility of a 30-day exemption for Canada and Mexico.
In the US data space, Challenger Job Cuts and weekly Initial Claims will be the only releases later today ahead of tomorrow’s more relevant Non-farm Payrolls for the month of February.
US Dollar relevant levels
As of writing the index is losing 0.01% at 89.58 and a break below 89.43 (low Mar.7) would open the door to 88.44 (low Jan.26) and finally 88.25 (2018 low Feb.16). On the flip side, the next hurdle emerges at 89.79 (21-day sma) seconded by 89.96 (10-day sma) and then 90.57 (high Feb.8).