The US Dollar eases on Monday as markets embrace a very quiet weekend on the geopolitical front.
Tensions in the Middle East ease substantially, triggering a rally in equities.
The US Dollar Index holds onto recent gains around 106.00, but downside pressure is mounting.
The US Dollar trades broadly steady on Monday, with markets having a sigh of relief after the weekend remained fairly calm as there was no further retaliation from Iran towards Israel. The de-escalation provides fuel to risk assets, particularly equities, to rally higher this Monday. With the risk-on tone, the Greenback might have some further room to ease.
On the economic data front, Monday’s calendar is very thin ahead of the US Gross Domestic Product (GDP) release on Thursday and the US Personal Consumption Expenditures Price Index (PCE) numbers on Friday. The latter is the most important for this week as the PCE is the Federal Reserve’s preferred inflation gauge and another red hot print might lead markets to price in a rate hike before considering any cuts.
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