As lively as the day was on the bond front (with a clear easing of short and long rates), it was a soporific one on the FOREX, with tiny spreads rarely exceeding 0.1%, with the exception of the Yen, which recovered a little after falling back to around $150.60 against the greenback the previous day, and regained 0.35% towards 150.00.

The Dollar Index stalled at 103.80 (-0.03%), reflecting the total absence of movement against the Euro ($1.0855, with no particular expectations 48 hours after the ECB verdict) and the balance between a 0.1% fall against the Pound or the Swiss Franc and a symmetrical gain against the Canadian dollar (Loonie).
Also completely stable against southern currencies... in short, a complete wait-and-see session.
The dollar does not seem to be the reason for the surge in gold, which set a new all-time record at $2.140 (before falling back below $2.130 at around 5 p.m.): Treasury bonds and precious metals are safe-haven investments when uncertainties loom on the horizon.
In the United States, traders are awaiting further clarification from Jerome Powell, who will speak tomorrow.
Investors will also be keeping an eye on political news in the USA on the crucial day known as 'Super Tuesday'.

The victories of Joe Biden and Donald Trump are widely expected in their respective camps, which means that both candidates should logically meet again in the presidential election scheduled for November 5.
Tuesday was rich in US stats... which didn't trigger the slightest ripple in the greenback.
The ISM services index contracted to 52.6 last month, from 53.4 in January, whereas economists were expecting it to be around 53, according to the Institute for Supply Management.
The activity sub-index, which measures production, improved to 57.2 from 55.8 in January, while the new orders sub-index rose to 56.1 from 55 the previous month.
On the other hand, the employment index fell to 48 from 50.5, as did the ISM index of prices paid, which dropped to 58.6 from 64 in January.
The 'S&P Global PMI' for the US private sector (a 'cousin' of the ISM) was revised upwards in the 2nd reading, to 52.5, from 51.4 in the flash estimate, and from 52 the previous month.

The S&P Global PMI shows a recovery in manufacturing production... a trend partly contradicted by a -3.6% drop in industrial production in the USA in January.

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