US Dollar Sets Forth Winning Streak on Monday Fueled by Concerned Traders
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rallies for the fifth straight day and orbits at levels not seen since November 2022 while traders mull on their Fed policy rate outlook for 2025. The move comes after markets catch up with the recent Nonfarm Payrolls report for December, released on Friday, and adjusted to the new narrative that the Federal Reserve (Fed) would be more restrictive and keep rates steady for longer, with chances for several interest rate cuts in 2025 diminishing.
The US economic calendar is rather calm in the run-up to the Consumer Price Index (CPI) release on Wednesday and Retail Sales on Thursday. At least this Monday will be a very quiet start, with just a few smaller bond auctions on the agenda. Meanwhile, traders can assess their next moves ahead of President-elect Donald Trump's inauguration next week.
Source : Fxstreet