• US February NFIB small business optimism index 100.7 vs 101.0 expected
• Citi the next to downgrade their outlook on US stocks
• ECB’s Rehn: US tariffs could cut global output by more than 0.5% this year and the next
• Russia brushes off ceasefire talks, says “there are many rumours” circulating
• What are the main events for today?
• China’s National People’s Congress enters into its final session
• FX option expiries for 11 March 10am New York cut
• Recession risks starting to draw more attention this week
• Moscow airport suspends flights after latest drone attack
• US-China trade talks are reportedly at an impasse for now
• Tech shares poised for a fourth straight week of declines after yesterday’s selloff

We had a very calm European session with almost no data releases and limited newsflow. The only notable release was the US NFIB Small Business Optimism Index which missed expectations.

The main event today will be the US Job Openings data although the focus is on the US CPI report tomorrow ahead of the FOMC decision next week. That’s likely going to be a make or break moment for the markets.

In the markets we haven’t seen much movement throughout the session. In FX, the US Dollar remains marginally weaker but higher against the JPY and CHF.

The US stock market is higher on the day as it continues to rebound from yesterday’s selloff. We might see some short covering heading into the US CPI.

Treasury yields are also rising into the US CPI release. All else being equal, the markets might now just de-risk heading into the CPI release so I wouldn’t read too much into the price action.

This article was written by Giuseppe Dellamotta at www.forexlive.com.