Dollar rally interrupted by Ukraine peace talks; DXY steady below 107 mark

The dollar index continues to stay weak under 107 mark on Tuesday morning in Asia as investors reduce safe-haven exposure amid Ukraine peace deal optimism. The DXY, which tracks the performance of the greenback against a basket of six major currencies lost around 1% in the previous session and is currently quoting at 106.56, down 0.10% on the day. Yesterday, euro and pound gained momentum amid growing hopes for a Ukraine peace deal. Meanwhile, US ISM Manufacturing PMI missed forecasts, while the S&P Global Manufacturing PMI came in stronger than expected. ISM Manufacturing PMI came in at 50.3, slightly below the 50.5 forecast and down from Januarys 50.9. S&P Global final Manufacturing PMI for February exceeded estimates at 52.7, strengthening from the preliminary reading. Among basket currencies, EURUSD and GBPUSD pairs are seen paring yesterdays sharp gains and are currently trading marginally lower at $1.048 and $1.269 respectively.

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