The index so far reverses three consecutive daily pullbacks, including Monday’s drop to multi-week lows around 103.30, amidst some mild selling pressure in the risk complex and the flat performance in US yields across the curve.
In the meantime, and according to CME Group’s FedWatch Tool, the probability of a 25 bps rate hike by the Fed on Wednesday hovers around the 80%, although investors are expected to closely follow any suggestion by the Committee that the Fed could pause its tightening cycle in the relatively near term.
The above appears somehow justified by the loss of momentum in some US fundamentals as of late and the persistent disinflation witnessed since July 2022.
Data wise in the US, the only release of note will come from the Existing Home Sales for the month of February.
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