The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is currently bouncing off the 104.00 mark and consolidates on Wednesday ahead of the US Durable Goods Orders data for February.
On one hand, the DXY sees some selling pressure from a Black Sea ceasefire deal brokered by the United States (US), where Ukraine is willing to commit and Russia backtracks and demands a lift in all sanctions on banks and agricultural companies.
On the other hand, the buying pressure comes from comments from US President Donald Trump, who said Copper tariffs are coming in a couple of weeks, much sooner than markets anticipated.
On the economic data front, all eyes are on the February Durable Goods Orders. Expectations are already quite bearish, with a 1% contraction for the forecast number compared to the previous month's 3.2% increase. On the Federal Reserve (Fed) front, Minneapolis Fed President Neel Kashkarai and St Louis Fed President Alberto Musalem are due to speak later this Wednesday.
Source: FXStreet
