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Greenback Edges Lower on Low Volume Profit-Taking

FOREX
  • The greenback is softer early Friday, with markets happy to take profits on the Thursday dollar rally after Bostic's appearance late yesterday. Bostic seemed to reinforce that while further tightening is a near-certainty from the Fed, a re-acceleration of rate hikes beyond 25bps is less likely. As a result, the greenback is the poorest performer in G10 ahead of the NY crossover, although recoveries in the likes of the EUR, GBP have been shallow.
  • Additionally, participation has been low, with volumes and activity generally comfortably below recent averages for this time of day. GBP trades more favourably, with GBP benefiting from an upside revision to the final February services and manufacturing PMI releases.
  • Unusually for the first Friday of the month, there is no Nonfarm Payrolls release today (3rd March is too close to the end of the survey period for the data to be compiled), keeping focus on the ISM Services Index later today after the market-moving manufacturing release this week.
  • Outside of data releases, Fed's Logan, Bostic and Bowman are all scheduled to make appearances - although none of speeches are seen addressing policy directly.
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