Dollar Index Gains Almost 1%
The dollar index gained almost 1% to 106.7 on Monday, rebounding from a 1.6% fall last week which was the first weekly decline in nine weeks.
Traders are now bracing for key economic data due this week including the PMIs, JOLTs and the jobs report to assess the US economic performance and the Fed's plans for December. The ISM Manufacturing PMI topped forecasts and pointed to a softer contraction in the factory sector.
Meanwhile, the political situation remains in the spotlight with Donald Trump requiring a commitment from BRICS that they will neither create a new currency, nor back any other currency to replace the US dollar or they will face 100% tariff. The greenback was gaining about 1% against the euro as the political turmoil in France is far from over. The dollar also rebounded against the yen, as traders remained divided on the timing of the next Bank of Japan rate hike.
Source : Trading Economics