The dollar was weaker yesterday as expectations for another interest rate cut from the Federal Reserve grew. This comes after the Fed cut rates by half a percentage point in an emergency move against the coronavirus.
Markets are currently pricing in a 25-basis point cut at the next Federal Reserve meeting on the 18th of March.
Yesterday, Factory orders came in worse than market expectations, showing that manufactured goods shrank 0.5% month-on-month. However, the number of Americans applying for unemployment benefits decreased in February.
Today, we’ll see Non-Farm Payrolls and Balance of Trade figures, which could provide further insight into whether the Fed will cut rates again this month.
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