Things trader need to know today: Thursday, March 4, 2021 🏢 US equity selloffs continued on Wednesday amid rising bond yields, with the ADP employment and ISM service PMI missing estimates. Nasdaq tumbled 2.7% and the S&P 500 -1.31%. Major European and Asian indices closed higher. 🏛 The yield on 10-year Treasury notes stood at 1.41%, down from last week’s one-year high of 1.61%, before a slew of U.S. economic data set for release later this week. Bond yields rise when their prices fall. Surging yields across the world, fuelled by moves in Treasuries, have buffeted financial markets in recent weeks. Investors were betting a strong U.S. economic rebound amid ultra-loose monetary conditions would fuel inflation. Still, optimism that more imminent U.S. stimulus will energise the global economic recovery. 🇺🇸 Regarding U.S. economic data, payroll processing firm Automatic Data Processing (ADP) reported that the economy added 117,000 private jobs in February, lower than an addition of 205,000 jobs expected. The Institute for Supply Management (ISM) Services Index declined to 55.3 for February, below the 58.7 expected. 💵 The US dollar index (USDX) eked out small gains to 90.96, while the yield on 10-year Treasuries rose sharply as investors looked to comments from Federal Reserve Chair Powell on Thursday for signs the central bank was set to acknowledge the risk of a rapid rise in rates. 🇯🇵 USD/JPY resumed its recent rally reaching the key level of 107.00 for the first time since August 2020. On a daily chart, the pair has crossed above a bullish channel confirming a bullish continuation pattern. 💶 EUR dipped to 1.2062. The ECB sees no need to react to the recent rise in bond yields. 🇬🇧 GBP/USD held up well at 1.3956 as the UK decided to extend furlough payments until the end of September.. The Markit U.K. Services PMI was finalized at 49.5 for February, slightly lower than 49.7 expected. Meanwhile, U.K. Chancellor Rishi Sunak announced plans to hike taxes on businesses and increase the number of income-tax payers. 🇦🇺 AUD/USD lost 44 pips to 0.7174. Official data showed that Australia's fourth-quarter GDP grew 3.1% over quarter, faster than a growth of 2.5% expected. 🇳🇿 NZD ended lower at 0.7245. 🇨🇭 USD/CHF jumped 50 pips to 0.9198, and USD/CAD gained 21 pips further to 1.2655. 🇨🇦 The Loonie was trading 0.1% lower at 1.2641 to the greenback, or 79.11 U.S. cents, having traded in a range of 1.2592 to 1.2657. 💰 Gold prices slipped on Wednesday, falling for a sixth session in seven, as expectations that U.S. Treasury yields would move higher on further economic stimulus kept non-yielding bullion under pressure. The yellow metal reversed Tuesday’s gains and ended lower at $1,710.90. 🛢 WTI crude (SpotCrude) jumped to $60.94 ahead of the OPEC+ meeting today, where output quotas for April will be discussed. Oil prices rose more than 3% on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week. 🥇 Bitcoin surged over 7% to revisit the closely-watched level of $50,000. It is well supported by the ascending 20-day moving average. #DailyBrief