The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is not showing any reaction to the vast amount of headlines around tariffs that were published over the weekend.
United States (US) President Donald Trump announced 25% steel and aluminum tariffs for all countries importing into the US. Also, plans for reciprocal tariffs are on the table, which would increase US import duties to match those imposed by the country's other trading partners.
Meanwhile Gold, the precious metal, is printing fresh all-time highs almost every hour while trading above $2,900 for the first time ever. The precious metal is seen as the perfect safe have and defence against any tariff woes that could shake up equities, bonds or the US Dollar.
Besides the tariff headlines, otherwise, it will be a very calm start of the week on the economic calendar. Traders will want to focus on Federal Reserve (Fed) Chair Jerome Powell's semi-annual testimony at Capitol Hill on Tuesday and Wednesday.
Traders will look for fresh clues about the path forward for US monetary policy, while Powell is likely to highlight the resilient economy as a key reason central bankers are in no rush to cut borrowing costs further.
Source: FXStreet
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