The greenback, when measured by the USD Index (DXY), attempts to extend the rebound seen in the second half of last week just above the 103.00 mark.
USD Index: Gains look capped around 103.40
After bottoming out in the area just below the 102.00 yardstick on March 23, the index managed to regain some composure and reclaim the are beyond 103.00 the figure in past sessions, although the bull run appears to have met initial resistance near 103.40, an area coincident with the 55-day SMA.
Moving forward, investors are expected to closely follow messages from Fed’s rate setters in the wake of the recent dovish hike, while inflation figures tracked by the PCE should take centre stage towards the end of the week.
Later on Monday, short-term bill auctions and the speech by FOMC’s P.Jefferson (permanent voter, centrist) are due.
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