USD: Preparing for a tumultuous day
Overnight, the risk asset rally slowed, with the dollar regaining some of its previous day's losses. The US February CPI and the US Treasury auction are two main events to keep an eye on. Low demand, in particular, is the biggest danger to consumer sentiment if the fragile UST market is put under pressure again. A strong take-up may also reinforce the risk-friendly mood in FX markets. As a result, traders should brace themselves for a day of uncertainty as they monitor the FX market for signs of confirmation as to whether the risk rally was a blip or the preliminary start of a trend.
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