On Friday, the Greenback declined vs. a basket of major currencies, touching its biggest single-day fall in three weeks, on persistent doubts whether the Federal Reserve could hike interest rates again this year amid slowing inflation.
The U.S. dollar was negatively affected St. Louis Fed chief, President James Bullard as he said on Friday that the central bank should wait on further rate hikes, while Cleveland Fed chief Loretta Mester said recent inflation weakness should not defer another rate rise this year.
Gold prices edged higher and settled at $1,255 as USD declined and as traders turned to safe-haven assets.
Meanwhile, markets await Fed Chair Janet Yellen’s speech this Tuesday as it could mention to the next time to raise interest rates and signal on plans to reduce the balance sheet size. Technically, key support levels are around $1240.
Oil prices settled at the end of last week’s trading session and finished a fifth straight week lower. U.S. crude settled at $43 as data showed that U.S. drillers added 11 oil rigs this week, the biggest increase in three weeks.
The most important economic events:
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