The US dollar is climbing

The dollar is climbing.

The US dollar index is up by 0.6% at 101.53 as of 8:16 a.m. ET.

Federal Reserve Bank of Philadelphia President Patrick Harker said on Friday in an interview with Market News International, “I would not take March off the table at this point. We’ll have to see how it plays out in the next few weeks.”

Separately, Markit manufacturing and services data will be out at 9:45 a.m. ET.

As for the rest of the world, here’s the scoreboard as of 8:18 a.m. ET:

  • The euro is down by 0.7% at 1.0536 against the dollar despite a slew of strong PMI data. Markit’s composite purchasing manager’s index for the eurozone came in at 56.0 in February, above expectations of 54.3. Meanwhile, German manufacturing came in at 57.0 and French services clocked in at 56.7. “We are running out of superlatives to describe the German economy, at least in so far as goes the incredible rise in the PMIs,” Samuel Tombs of Pantheon Macroeconomics wrote on Tuesday.
  • The Japanese yen is weaker by 0.5% at 113.70 per dollar. Meanwhile, Japanese manufacturing hasn’t looked this good in years: the Nikkei-IHS Markit “flash” manufacturing purchasing managers index (PMI) rose to 53.5 in February, above the 52.7 level of January and the highest since March 2014.
  • The British pound is down 0.4% at 1.2413 against the dollar.
  • The Russian ruble is up by 0.3% at 57.7680 per dollar, while Brent crude oil, the international benchmark, is higher by 1.4% at $US56.97 per barrel.

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