Forex Today: US Dollar clings to Friday's recovery gains to start the week – by eren_fxstreet Majors Currencies Macroeconomics Commodities CryptoCurrencies
Following the sharp selloff seen for the majority of the previous week, the managed to erase some of the losses it suffered against its rivals ahead of the weekend. The US Dollar Index keeps its footing at the beginning of the new week as investors await the next catalyst. Federal Reserve Bank of New York's Empire State Manufacturing Survey will be the only data featured in the US economic docket and market participants will pay close attention to comments from central bankers.
On Friday, the US Census Bureau reported that Retail Sales in the United States declined 1% on a monthly basis in March to $691.7 billion. This reading followed February's contraction of 0.2% and came in worse than the market expectation for a decrease of 0.4%. Nevertheless, hawkish comments from Fed policymakers helped the US Dollar gather strength during the American trading hours.
Early Monday, the benchmark 10-year US Treasury bond yield holds steady at around 3.5%, supporting the USD. Meanwhile, US stock index futures trade modestly higher on the day and the US Dollar Index clings to small daily gains above 101.50.has managed to stabilize above 0.6700.
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