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The US dollar closed the week with a modest bearish tone, driven by ongoing investor anticipation of a possible interest rate reduction by the Fed in June. Additionally, unexpected weaknesses in essential economic indicators added pressure on the currency, providing a bit of relief in the riskier markets.
Propelled by data-induced selling pressure, the USD Index (DXY) descended to the 103.80 range on Friday, marking its second consecutive week of declines. Attention will pivot to the Non-farm Payrolls and Unemployment Rate reports on March 8.
Preceding these events, the final S&P Global Services PMI, ISM Services PMI, and Factory Orders are scheduled for March 5. Looking ahead, the ADP report, Wholesale Inventories, and Fed Beige Book are anticipated on March 6, followed by the customary Initial Jobless Claims and Balance of Trade figures on March 7.
On the domestic front, both Germany and the euro area await the final HCOB Services PMI on March 5. March 6 shifts focus to Germany’s Trade Balance, followed by the ECB meeting and President Lagarde’s press conference on March 7. Additionally, there’s anticipation for the revised EMU Q4 GDP Growth Rate towards the week’s end. 
EUR/USD stabilized towards the latter part of the week, aiming to consolidate its breakout above the 1.0800 level.In the UK, March 5 brings the BRC Retail Sales Monitor and the final S&P Global Services PMI. March 6 will see the release of the S&P Global Construction PMI and the Spring Budget 2024.
GBP/USD showed a notable rebound towards the week’s end, reclaiming ground around 1.2650 amidst renewed weakness in the USD.USD/JPY exhibited erratic performance, ending its first week with losses after four consecutive gains. In Japan, Q4 Capital Spending is scheduled for March 4, followed by weekly Foreign Bond Investment figures on March 7.
March 8 sees a flurry of activity with releases including Household Spending, Bank Lending, the flash Coincident Index, the Leading Economic Index, and the Eco Watchers Survey.In Australia, Building Permits and the final Judo Bank Services PMI are due on March 4, followed by the Ai Group Industry Index. March 6 takes center stage with the Q4 GDP Growth Rate ahead of Balance of Trade figures, Home Loans, and Investment Lending for Homes on March 7.
Despite a late-week rebound, AUD/USD experienced a negative week, breaking a three-week positive streak.In Canada, March 6 sees the release of the Ivey PMI and the interest rate decision by the Bank of Canada (BoC).
March 7 brings Balance of Trade prints and Building Permits, followed by the labor market report on March 8. USD/CAD closed its third consecutive week of gains, with upside potential seemingly capped by the 1.3600 barrier.
In China, the Caixin Services PMI is scheduled for March 5, followed by Balance of Trade readings on March 7. March 9 wraps up with expectations for the Inflation Rate and Producer Prices. USD/CNH continued its range-bound behavior above the 7.2000 mark.
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