Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
Stock Futures Dip as Investors Await Key Payrolls Data 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
China's Refining Industry Faces Major Shakeup Amid Challenges 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Due to soft US housing data, the US dollar index continues to trade weak. New home sales rose 1.5% m/m in Jan to a seasonally adjusted annual rate of 661000 compared to a forecast of 680000. It hit a low of 103.71 yesterday and is currently trading around 103.792.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 99.50% from 90% a week ago.
The US 10-year yields showed a major pullback ahead of US durable goods orders. The US 10 and 2-year spread narrowed to -41.9% from -53%.
Major resistance- 104.25/105
Major support- 103/102.
Economic data for the day
US durable goods order (1:30 pm GMT)
S&P/CS Composite-20 HPI y/y (2 pm GMT)
CB Consumer Confidence (3 pm GMT)
Richmond Manufacturing Index
EURUSD-
EURUSD gained momentum and jumped above 1.08500 on board-based US dollar weakness. ECB president Lagarde said that the recent Eurozone fourth quarter wage growth numbers are encouraging and the central bank requires further data for confirmation that inflation won't rise again.
Major resistance-1.0880,1.0935
Major support- 1.0760,1.0700
Yen-
The pair pares some of its gains after upbeat Japan inflation data. Japan's consumer inflation rose to 2% in Jan vs. Estimate of 1.9%. Any break below 149.50 confirms minor weakness.
Major Resistance- 151,152
Major support- 148,146.50
Canadian Dollar
The pair declined slightly on strong crude oil prices—markets eye Canada's GDP data (Feb 29th, 2024 1:30 pm GMT) for further movement.
Resistance- 1.3550,1.3600
Major support- 1.3435,1.3380
