The ISM Services PMI for February, reported by the Institute for Supply Management, is 52.6, which fell short of the expected 53 but is fairly steady compared to January's 53.4
An 80% probability of an interest rate reduction in June is being anticipated by the markets, which means a decrease from 100% at the end of the previous week.
US Treasury bond yields are on the decline with 2-year yields trading at 4.56%, while the 5-year yields, and 10-year yields at 4.15%.
Labor data reports to be released this week include February’s Nonfarm Payrolls, Average Hourly Earnings and the Unemployment Rate, all of which are closely followed by the Fed.
The outcome of labor market metrics will shape the dynamics of the Greenback for the near term.
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