The US Dollar mildly in the red against most major peers.
Markets are not moving on Loan Prime Rate cuts by China.
The US Dollar Index trades away from the 104 marker and moves slightly higher.
The US Dollar (USD) is turning red with markets not applauding the overnight move by the People’s Bank of China (PBoC) to cut its 5-year Loan Prime Rate. China is playing in a whole other ballpark in terms of economic data with deflation, a sluggish job market, a haunted housing market and abating growth. The cuts are bigger than expected, though the market reaction is signalling more needs to be done in order to give China the boost to head back to its pre-pandemic growth and economic levels.
On the economic data front, The US Treasury will have its work cut out this Tuesday with no less than three bond auctions coming up. For more economic data, most data points are pushed forward to Wednesday due to the public holiday on Monday. All eyes are on the retailers in the stock markets this week with Walmart and Home Depot releasing earnings this Tuesday
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