From Marc Chandler at Bannockburn Global Forex:
The US dollar is trading mostly firmer but quietly in what could be a volatile North American session. It is not just about the US data, of which there is plenty—including the PCE deflator and the first look at Q4 GDP, the preliminary February PMI and the University of Michigan’s final February reading on consumer confidence. The Supreme Court will hand down some decisions today and it possible that rules on the president’s use of emergency powers to impose widespread tariffs. The event markets suggest a strong majority expect the high court to rule against most of all of the tariffs that have justified by the International Economic Emergency Powers Act (IEEPA). Tensions between the US and Iran remain elevated but the threat of an imminent strike has relaxed a little and oil prices are a little softer ahead of the weekend.
The dollar has risen against the G10 currencies this week. The yen has been the weakest, and it is off almost 1.65%. The Australian dollar has been the best performer, and it is off about 0.3% this week. Most emerging market currencies also declined this week. The Argentine peso (~0.6%), the Russian ruble (~0.2%), and the Brazilian real (0.15%) have been the best performer....
....MUCH MORE
