Here is what you need to know on Wednesday, March 3: Markets are relatively calm on Wednesday after the dollar was on the back foot on Tuesday, a result of stable US yields. The US ADP NFP, ISM Services PMI, additional speeches by Fed officials and the UK budget promise a busy day, which also includes stimulus reaching the US Senate. Calm: S&P 500 futures are on the rise, the dollar remains down and gold is consolidating its recovery early on Wednesday, as US ten-year Treasuries cling to 1.40%. Fed: Lael Brainard, Governor at the Federal Reserve, said that the speed of the move in bond markets “caught my eye” – a first statement of concern about the sell-off in debt from the central bank. Her colleague Mary Daly repeated the message that the move reflects optimism about growth. The Fed releases its “Beige Book” including anecdotal evidence on the economy later on Wednesday, and Chicago Fed President Charles Evans also speaks. NFP hints: ADP’s labor market report is set to show an increase of 177,000 private-sector jobs in February, a hint toward the official Nonfarm Payrolls figures on Friday. The ISM Services Purchasing Managers’ Index is forecast to hold up at 58.7 but show a slowdown in hiring. ISM’s Manufacturing PMI beat estimates, with the inflation component standing out with a surge. See: US ADP Employment Change February Preview: How soon will the small business sector bounce? US ISM Services PMI February Preview: Expect more than expected Stimulus: President Joe Biden urged the Senate to approve his $1.9 trillion bill without making significant changes. Democrats already abandoned including a minimum wage hike, and face pressures to limit the scope of checks to individuals. UK budget: Chancellor of the Exchequer Rishi Sunak is set to present a new budget for Britain, which will likely include an extension of the furlough scheme through September. The government already spent £300 billion on coronavirus relief. Plans to plug the hole in government coffers may consist of tax hikes. EU: European Central Bank members continued warning about the rise in sovereign bond yields, vowing to act if necessary. German states are set to agree on extending current restrictions until late March while Italy is mulling imposing new limits until early April. Europe’s vaccination campaign remains sluggish. Markit’s final Services PMIs are eyed. Vaccine: Biden announced a deal in which Merck will produce Johnson and Johnson’s shots in something akin to a “wartime effort.” The White House intends to offer COVID-19 jabs to all Americans by the end of May. Bitcoin has been extending its recovery, topping $49,000 after a period of consolidation. Ethereum is changing hands above $1,500 and XRP tops $0.40. WTI Crude Oil is hovering above $60 as tensions mount toward Thursday’s OPEC+ meeting. Where next for the dollar as the Fed refocuses, bonds bring action, jobs set to cause jitters FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY climbs back closer to multi-month tops, 107.00 mark remains in sight FX Street 1 year Here is what you need to know on Wednesday, March 3: Markets are relatively calm on Wednesday after the dollar was on the back foot on Tuesday, a result of stable US yields. The US ADP NFP, ISM Services PMI, additional speeches by Fed officials and the UK budget promise a busy day, which also includes stimulus reaching the US Senate. Calm: S&P 500 futures are on the rise, the dollar remains down and gold is consolidating its recovery early on Wednesday, as US ten-year Treasuries cling to 1.40%. Fed: Lael Brainard, Governor at the Federal Reserve, said that the speed… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.