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The dollar index (DXY00) on Monday fell by -0.402 (-0.38%). The dollar index Monday retreated on a decline in T-Note yields. Also, the prospects of a less aggressive Fed weighed on the dollar after New York Fed President Williams said he favors 50 bp interest rate hikes at upcoming FOMC meetings and not 75 bp rate hikes. U.S. economic data today on May Empire manufacturing business conditions were weaker than expected and bearish for the dollar. In addition, strength in stocks Monday curbed liquidity demand for the dollar.
New York Fed President Williams said 50 bp rate hikes make sense at upcoming FOMC meetings, and he expects inflation to decline "quite a bit" next year.
The U.S. May Empire manufacturing survey general business conditions tumbled -36.2 to -11.6, weaker than expectations of 15.0.
EUR/USD (^EURUSD) on Monday rose by +0.0025 (+0.24%). EUR/USD Monday posted moderate gains. EUR/USD garnered support on signs of stronger Eurozone price pressures t... Read more