Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
US Gas Market Poised for Supercycle: Bernstein Analysts 
2025 Market Outlook: Key January Events to Watch 
Wall Street Analysts Weigh in on Latest NFP Data 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
China's Refining Industry Faces Major Shakeup Amid Challenges 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
The US dollar index lost its momentum after weak US economic data. US ISM manufacturing PMI declined to 47.8 In Feb compared to a forecast of 49.50. On Thursday, Fed Reserve Governor Christopher Waller said that he will support rate cuts but needs more supportive data that inflation is cooling. "Last week's high reading on CPI inflation may just be a bump in the road, but it also may be a warning that the considerable progress on inflation over the past year may be stalling," Waller said in prepared remarks.
US headline rose 0.30% m/m in Jan, in line with the estimate. Core PCE came at 0.40%, matched forecasts. It hit a low of 103.839 at the time of writing and is currently trading around 103.846.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 95% from 97% a week ago.
After dismal US ISM data, the US 10-year yields declined more than 3%. The US 10 and 2-year spread narrowed to -35.8% from -53%.
Major resistance- 104.25/105
Major support- 103/102.
Economic data for the day
Mar 5th, 2024, US ISM services PMI (3 pm GMT)
Mar 6th, 2024, ADP employment change (1:15 pm GMT)
BOC monetary policy (2:45 pm GMT)
Mar 7th, 2024, ECB monetary policy (1:15 pm GMT)
Fed Powell testifies (3:00 pm GMT)
Mar 8th, 2024, US Non-farm payroll (1:30 pm GMT)
EURUSD-
EURUSD trades in a narrow range between 1.0880 and 1.07950 for the past two days. Every year, HICP inflation declined to 2.7% from 3.1%.
Economic data
Mar 4th, 2024, Sentix Investor Confidence (9:30 am GMT)
Major resistance-1.0880,1.0935
Major support- 1.0760,1.0700
Yen-
The pair showed a minor jump despite the weak US dollar. The policy divergence between the US Fed and BOJ supports the pair at lower levels. Any break above 151 confirms minor bullishness.
Major Resistance- 151,152
Major support- 148,146.50
Canadian Dollar
The pair lost momentum on strong Crude oil prices. Markets eye Bank of Canada monetary policy and employment data for further movement.
Resistance- 1.3600,1.3660
Major support- 1.3500,1.3435
