Dollar maintains gains in quiet session

USDJPY rose 0.2 percent to 113.35 yen. The dollar gained 1.4 percent versus the yen last week, moving off a 17-month low of 110.67 touched mid-month. Last Friday, GDP data showed that the US economy grew in the fourth quarter at a faster pace than previously estimated at 1.4 percent. The previous estimate was 1 percent.

EURUSD slid 0.1 percent to $1.1160, adding to last week’s losses of 0.9 percent.

AUDUSD traded around $0.7506 having lost 1.4 percent last week on falling commodity prices. The drop came after hitting an eight-month high of $0.7681 on March 18.

The dollar index, which gained roughly 1.3 percent last week, touched 96.368, its highest since March 16. The greenback was given a boost following several hawkish comments from Federal Reserve officials last week, who supported the case for more interest rate hikes this year.

Some key US data this week, including nonfarm payrolls, will provide markets with a chance to gauge whether the US economy is robust enough to bear a series of rate hikes. Aside from US jobs data, other data that could impact the dollar this week include core personal consumption expenditures (PCE) index, personal income and personal spending data, all due later today.

Focus will also be on Fed Chair Janet Yellen who will be speaking on Tuesday. Meanwhile, New York Fed President William Dudley will also attract attention when he speaks on Thursday.

The post Dollar maintains gains in quiet session appeared first on FXTM Blog.

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