The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, traded in a very mixed pattern on Monday (3/10) and held above a four-month low of 103.50 set on Friday. Traders are considering the latest comments from US President Donald Trump, who commented on the US economy during a Fox News interview over the weekend. The president said the US economy is in a transition period, which is accompanied by some pain, while markets have questioned in recent days whether the US economy is not in a recession.
On the economic data front, the focus this week will be on the Consumer Price Index (CPI) data for February on Wednesday. Apart from that, this week will be very quiet on the Federal Reserve (Fed) front as the central bank has begun a blackout period ahead of its March 19 meeting.
Traders heard from Fed Chairman Jerome Powell on Friday night. Powell said that the Fed does not need to do anything right now while monitoring incoming data. He also acknowledged the rising economic uncertainty in the US but said there was no need to rush into adjusting policy.(Newsmaker23)
Source: FXstreet
