Economic Indicators - The dollar index rose by +0.22% on Wednesday, recovering from early losses after Iran rejected the latest US peace proposal, with US economic news indicating a significant increase in the February import price index ex-petroleum, which rose by +1.2% month-over-month, the largest increase in 4 years [1][3] - US MBA mortgage applications fell by -10.5% in the week ended March 20, with the mortgage purchase sub-index down -5.4% and the refinancing mortgage sub-index down -14.6%, while the average 30-year fixed-rate mortgage increased by +13 basis points to 6.43% from 6.30% the prior week [3] Interest Rate Outlook - Swaps markets are pricing in a 4% chance of a +25 basis point rate hike at the upcoming FOMC meeting on April 28-29, with expectations that the FOMC will cut interest rates by at least -25 basis points in 2026, contrasting with the BOJ and ECB, which are expected to raise rates by at least +25 basis points in the same year [4] - A 62% chance of a +25 basis point rate hike by the ECB is being discounted for the policy meeting on April 30 [6] Currency Movements - The EUR/USD fell by -0.38% on Wednesday, pressured by a decline in business confidence in Germany, as the German March IFO business climate index fell by -2.0 to a 13-month low of 86.4 [5]