Marketwatch North America

Daily Insights
February 26, 2024

The dollar is lower today, continuing with its recent downtrend begun Feb 14th. Over the course of nine trading days the U.S. Dollar Index is -1.14% as the small daily losses begin to add up. Near term support is seen at regular 50-point intervals (103.50, 103.00, 102.50 and 102.00) until a break below 102.00 which would signal a test as low as 100.50.

Since mid-February the dollar is lower against all G10 currencies: -2.79% vs. SEK, -1.86% vs. NZD, -1.41% vs. AUD, -1.32% vs. NOK, DKK, EUR, -0.81% vs. CHF, -0.76% vs. GBP, and minimal losses vs. CAD & JPY. The dollar is tracking U.S. Treasury yields lower after January’s CPI surprise gain (elevated inflation is seen keeping Fed rate policy on hold, postponing discussion of rate cuts and keeping upward pressure on treasury prices).

The U.S. economic calendar is full this week: Wednesday features Mortgage Applications and Q4 GDP; Thursday has Personal Income & Spending, Initial Jobless Claims, PCE and Pending Home Sales; Friday includes Consumer Sentiment and ISM Manufacturing.

Economic Calendar

USD - New Home Sales
GBP - MPC Member Breeden Speaks
EUR - ECB President Lagarde Speaks
JPY - National Core CPI y/y
GBP - CBI Realized Sales
GBP - MPC Member Pill Speaks

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 150.776 150.195
eur/usd 1.08596 1.08125
gbp/usd 1.26993 1.26566
aud/usd 0.65668 0.65359
usd/cad 1.35286 1.34888
eur/gbp 0.8558 0.85203
usd/mxn 17.1334 17.0755
Equities and Commodities
S&P 500 5092.26
NASDAQ 17963.3
DOW 39138.2
GOLD 2029.55
SILVER 22.56

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.