The U.S. dollar remained stable on Monday morning, thereby maintaining its gains from a fifth consecutive week of rises. The dollar index was unchanged at 104.18, having risen 0.18% the previous week. The euro rose slightly against the greenback to $1.0783 while the British pound was up 0.17% at $1.2621. Against the yen, the dollar slipped 0.19% to 149.94.
Such activity comes after investors’ hopes of an incoming interest rate cut by the Federal Reserve took a knock as inflation came in hotter than expected last month. Monthly retail sales fell compared to the previous month, thereby adding to investors’ policy woes.
Following this unexpected resurgence in inflation data, investors will turn their focus to the minutes of the Federal Reserve’s previous meeting, which are set to be released on Wednesday. Survey-based purchasing managers’ index data is expected the following day, thereby providing an insight into the economic health of the eurozone and the UK.
