There's a scarcity of major economic indicators scheduled during the London and European trading hours. Notable releases include Turkey's Industrial Production Index for February and policy rate announcements from the Central Banks of the Philippines and Israel.
The New York Fed's Survey of Consumer Expectations for March is likely to be watched as a precursor to the US Consumer Price Index (CPI) on the 10th. After hitting a low of 3.00% in January, February saw a slight uptick to 3.04%. Another increase this time could support the dollar.
In terms of speaking events, speeches and appearances are scheduled from notable figures such as Stournaras, Governor of the Bank of Greece, Jordan, Governor of the Swiss National Bank, Breeden, Deputy Governor of the Bank of England, and Goolsbee, President of the Chicago Fed. In particular, attention may be drawn to any unexpected rate cuts hinted by senior officials from the Swiss National Bank, especially given the recent slowdown in inflation, potentially suggesting further rate cuts.
The USD/JPY pair remains resilient but has yet to break free from the 151 yen level. While rising US bond yields prompt consideration of the yield spread between Japan and the US, cautionary views persist around the milestone level of 152 yen, regarding potential intervention from the government or the Bank of Japan. Until the US CPI data on the 10th, market direction may lack decisive momentum.
Looking at the US Dollar Index, there seems to be a technical bias towards selling. Despite positive US employment statistics last weekend, expectations for significant gains in the US dollar today are limited.
