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The Dollar continues to hold its ground over the week, helped by the release of the FOMC meeting minutes yesterday here.

The minutes, while dated, did not hurt the outlook for a 50 basis point rate hike in May and that is what the market is operating with at the moment. That said, Treasury yields are pulling back a bit from early week highs, with the overall risk mood also looking sourer as monetary policy tightening, inflation concerns and gloomier prospects in China are playing out.

S&P 500 futures are down 0.4% after consecutive declines over the past two days.

In the forex market, things have changed little for the most part, although commodity currencies are currently lagging. AUD/USD is down 0.5% to 0.7476 and has all but erased its RBA jump and more.

Meanwhile, Oil is back below $100 after a late decline yesterday, but buyers are still holding onto the lower end of the $95 to $125 range at least, which makes things a bit more interesting towards the end of the week.

Going forward, data releases will once again be of little importance as the focus continues to be on central banks, inflation talks and the bond market for the most part.

0545 GMT – Switzerland Unemployment rate in March
0600 GMT – February industrial production in Germany
0600 GMT – Halifax UK property prices in March
0700 GMT – Switzerland’s foreign exchange reserves in March
09:00 GMT – Eurozone retail sales data for February

AT 11:30 GMTthe ECB will also publish the minutes of its last monetary policy meeting, although this should not tell us much new.

That’s all for the upcoming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.


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