US Dollar Index finds a dead cat bounce near 98.00, upbeat market mood weighs pressure

• The DXY sensed selling pressure and slipped near 98.00 on the upbeat market mood.
• Risk-sensitive assets are underpinned amid progress in the Russia-Ukraine peace talks.
• An uptick in US Consumer Confidence shows elevating confidence of individuals in US economic activities.

The US dollar index (DXY) has witnessed a serious plunge near 99.40 after its multiple failed attempts of kissing the psychological figure of 100.00. Souring market mood on obscurity over the progress of the Russia-Ukraine peace talks were providing a cushion to the mighty greenback but risk sentiment turned active after Moscow withdraw some of its troops from northern Ukraine and Kyiv. The initial step toward a ceasefire with Ukraine has cheered the market participants and risk-sensitive assets have witnessed stellar demand from investors. On the Ukraine front, the administration has announced to adopt a neutral status but with a stipulation of international guarantees that it would be protected from attack and proposed not joining alliances or hosting bases of foreign troops.

US Consumer Confidence and JOLTS Job Openings data

The US Conference Board reported Consumer Confidence at 107.2 in March from 105.7, reported a month earlier and a little above the expected 107.0 reading. This showed that the confidence of US individuals in the US economic activities is on elevation. Meanwhile, the JOLTS Jobs Opening landed at 11.266M, slightly higher than the previous print of 11.236M but modestly higher than the estimation of 11M.

Key events this week: ADP Employment Change, Gross Domestic Product (GDP) Annualized, Core Personal Consumption Expenditure, Initial Jobless Claims, Nonfarm Payrolls (NFP), Unemployment Rate, and ISM Manufacturing PMI

Eminent issues on the back boiler: Russia-Ukraine Peace Talks, OPEC Meeting, Fed President John C. Williams speech, European Central Bank (ECB) President Christian Lagarde speech.