US stock markets are expected to fall on Tuesday’s opening bell as investors eagerly await inflation January's inflation data.
The Nasdaq is being called 0.7% lower at 17,851 based on futures trading ahead of the data’s release, which is expected at 1.30pm GMT (8.30am ET).
S&P 500 and Dow Jones futures have the indexes down 0.4% and 0.1% respectively meanwhile, at 5,022 and 38,830.
“A potentially stronger inflation report could further bolster the dollar's position against currencies with lower yields,” City Index analyst Fawad Razaqzadal commented ahead of the figures.
“A softer reading would be welcomed by traders favouring foreign currencies over the US dollar.”
Analysts are expecting the consumer price index figure to sit at 2.9% for January, against a reading of 3.4% in December.
Richmond Fed president Thomas Barkin had warned on Monday that people should not get ahead of themselves in hoping for imminent rate cuts on any positive figures, however.
"Declaring victory at this point seems pretty bold," he said, “I think there’s a real risk that there will be continued inflationary pressure”.