During Monday’s Asian session, the U.S. dollar edged down on the heels of the Friday’s report from the University of Michigan that U.S. consumer sentiment was below expectations. Also down – 0.12% to 96.48 is the U.S. Dollar Index that tracks the U.S. dollar against a basket of other currencies.
The Michigan consumer sentiment index dropped to 96.9, well below projections of 98.1 following two consecutive months of readings above projections. The data however is unlikely to sway the Federal Reserve from its wait-and-see strategy to monetary policy.
Interestingly the Yuan is trading just a tad lower against the U.S. dollar in spite of Washington’s walking back some of their demands in the trade deal.
China’s trade and credit data released on Friday beat expectations, signaling that exports rebounded in March allaying concerns of a slowdown in global economic growth.
AUD/USD flat-lined at 0.7172. On Tuesday, the Reserve Bank of Australia is scheduled to publish minutes of it’s policy meeting while the jobs report is due later in the week.
GBP/USD climbed up 0.1% to 1.3095. U.K. Prime Minister Theresa May was gifted with a a delay for Brexit until October 31st to reach a deal that lawmakers will support.
USD/JPY slid 0.1% to 111.92.
This week will be a short week due to the Easter holidays with most major financial markets closed on Friday.