As the first few days of March pass, markets will continue to focus on the latest data releases which will be used to navigate the path forward. The next set of data for markets to muse over are the February services PMI numbers. For many advanced economies, these releases are the most important, with the vast majority of contribution toward GDP stemming from this sector. As a result, these figures usually have the largest impact on the currencies in question.
The US dollar has remained firm into March with sterling one of the underperformers. Impressive data has continued to support the prospect of ‘higher rates for longer’ in the US. The pound and euro remain pressured as investors size up the ongoing potential for recessions in both regions.
Have a great weekend.
8:09am, March 3rd 2023
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