US DOLLAR SET FOR MILDLY POSITIVE WEEKLY CLOSE, EXTENDING MONTH-LONG CONSOLIDATION

• The US Dollar trades flat ahead of last data points for this week. 
• Markets brace for no less than six Fed speakers and the release of the Monetary Policy report. 
• The US Dollar Index orbits around 104.00, unable to break away in either way.

The US Dollar (USD) is flat in the European trading session as markets brace for the last economic data releases for the week. Looking back at this week, it becomes clear that markets are still clueless about what to do next. The US Federal Reserve says it remains data dependent, and recent data could build a case for one more rate hike in order to control the second-round effects of inflation. Meanwhile, Fed speakers are pushing back this narrative, and comments this week were all about when and how many interest-rate cuts the Fed will perform. 

On the economic front, some last numbers could still trigger a move in the US Dollar. Friday’s calendar features the Manufacturing Purchasing Managers Index (PMI) releases from both S&P Global and the Institute for Supply Management for February, as well as the University of Michigan Consumer Sentiment and Inflation Expectations data. To top it off, six Fed speakers and the release of the Monetary Policy Report will deliver more guidance to the markets.