The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades broadly flat on Monday just below the 100.00-marker.
Over the weekend, United States (US) Treasury Secretary Scott Bessent said trade deal negotiations with several Asian countries are underway, while US Agriculture Secretary Brooke Rollins added that the Trump administration is having "daily conversations" with China over tariffs.
However, China said on Monday that it is not engaged in trade negotiations with the US. The country reiterated that there are no winners in a tariff trade war and that the US should talk on a basis of mutual respect, Bloomberg reported.
In a spillover effect, retailers Temu and Shein lifted prices by as much as 300% for US consumers on its websites, Reuters reports.
On the economic calendar front, a very packed week is ahead.
The data will likely help traders assess if the Federal Reserve (Fed) will deliver an interest-rate cut in its upcoming policy meeting on May 7. The main attention this week will be on Wednesday, with the first reading of the US Gross Domestic Product (GDP) for the first quarter. Next, on Friday, the US Employment report for April – which includes the all-important Nonfarm Payrolls number – is the main event to close off the week.
Source: FXStreet
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