Global Forex Market
The US Dollar Index experienced increasing selling pressure this week, erasing gains made earlier in the week to close at 101.00 amid the Fed’s less hawkish FOMC minutes and US Treasury Secretary Steve Mnuchin’s failure to unveil further details on the ”phenomenal” tax reform promised by President Trump. The S&P 500 climbed by 0.5% with funds flowing into all sectors except for consumer discretionary, energy and industrials on the back of higher crude oil prices which boosted investors’ appetite for riskier assets. On the macro front, initial jobless claims climbed to 244,000 from 238,000 in the week ending Feb 18. The Markit Composite Index flash estimate dropped in February to 54.3 from 55.8 in January, showing growth albeit at a slower pace
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