| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | Producer Price Index (YoY) | February | 17.6% | 14.5% | 15.8% |
| 07:00 | Germany | Producer Price Index (MoM) | February | -1.2% | -0.5% | -0.3% |
During today's Asian trading, the US dollar rose slightly against major currencies amid increased demand for safe haven assets and concerns about the banking crisis.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.22% to 103.93.
Over the weekend, the Fed, ECB, Bank of England, Swiss National Bank, Bank of Canada and Bank of Japan announced joint action to enhance market liquidity. That followed Swiss authorities' negotiation of a buyout of Credit Suisse by UBS, but at a huge discount and with a $17 billion debt writedown. UBS agreed to buy Credit Suisse for 3 billion Swiss francs, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system.
Investors are also cautious ahead of the Fed's March meeting, which will be held this week. Traders are still of the view that a quarter point rise is likely but are now positioned for a peak in rates in May at around 4.8%, followed by a steady series of cuts into the end of the year. According to the CME FedWatch Tool, markets currently see a 55.4% chance that the Fed will raise its rates by 25 basis points, down from about 65% a week ago.