The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, recovers the nearly 0.50% loss it incurred in the opening hours in the Asian markets and trades flat near 106.60 at the time of writing on Monday.
The initial move down in the US Dollar came in due to euphoria for the Euro (EUR) after the first German election results showed a firm lead for the Christian Democratic Union of Germany (CDU), which will take the lead in forming a coalition.
As the dust settles, this means that fundamentally, no big changes will take place in Germany regarding leadership and political agenda, which triggers the Euro to pare back gains and the DXY to turn flat to positive.
The US economic calendar starts off the week slowly, with all eyes on the US Gross Domestic Product (GDP) release for the fourth quarter of 2024 on Thursday and Personal Consumption Expenditures (PCE) for January on Friday.
However, the Chicago Fed National Activity Index for January is due this Monday. Later in the day, United States (US) President Donald Trump is also due to deliver a speech.
Source: FXStreet
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