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The dollar index (DXY00) on Monday rose by +0.68%. The dollar Monday extended last Friday’s rally to a 4-week high. The dollar saw a positive carry-over from last Friday’s stronger-than-expected U.S. payroll and ISM services reports, which suggested that the Fed needs to continue raising interest rates. A jump in the 10-year T-note yield Monday to a 3-1/2 week high was also supportive of the dollar, along with Monday’s slide in stocks, which has boosted liquidity demand for the dollar.
EUR/USD (^EURUSD) on Monday fell by -0.64%. Strength in the dollar Monday knocked the euro down to a 4-week low. Losses in EUR/USD were limited by hawkish comments from ECB Governing Council members Vasle and Holzmann, who said they support continued ECB interest rate hikes.
Monday’s Eurozone economic reports were mixed for EUR/USD. On the negative side, Eurozone Dec retail sales fell -2.7% m/m, weaker than expectations of -2.5% m/m and the biggest decline in 20 months. Conversel... Read more