The US Dollar is having a difficult time finding demand early Tuesday as the upbeat market mood stays intact on easing fears over a global banking crisis. February Goods Trade Balance and the Conference Board's Consumer Confidence Index for March will be featured in the US economic docket. Bank of England (BOE) Governor Andrew Bailey and European Central Bank (ECB) President Christine Lagarde will be delivering speeches later in the day.
US Consumer Confidence Preview: No good news for Americans.
Although the tech-heavy Nasdaq Composite closed in negative territory as the Technology and Communication Services indexes declined sharply on Monday, the S&P 500 and the Dow Jones Industrial Average registered gains, reflecting the risk-positive market environment. Early Tuesday, US stock index futures are up between 0.25 and 0.4% and the US Dollar Index stays in the red slightly above 102.50.
In an interview with the German Handelsblatt newspaper, Jose Manuel Campa, Chairman of the European Banking Authority (EBA), said that the risks in the financial system was still very high and added that rising interest rates were continuing to weigh on financial markets. These comments, however, don't seem to be having a negative impact on the Euro. After having closed in positive territory on Monday, EUR/USD trades above 1.0800 early Tuesday. At 1315 GMT, ECB President Lagarde will speak at the opening ceremony of the Bank for International Settlements Innovation Hub Eurosystem Centre.
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