US Dollar Index (DXY) seesaws around 104.25-30 during a sluggish start of the week’s trading, mainly due to the US Labor Day Holiday and a light calen
dar in Asia. Even so, the Greenback’s gauge versus the six major currencies defends the seven-week uptrend by staying on the way to an important technical resistance, mainly after Friday’s heavy rebound.
Following the data, Federal Reserve Bank of Cleveland President Loretta J. Mester downplayed the increase in the Unemployment Rate to 3.8% by stating that the level "is still low." The policymaker termed the US job market as strong despite recent rebalancing as she spoke at an event in Germany. About inflation, Fed’s Mester acknowledged that progress has been made but noted it remains elevated.
China President Xi Jinping showed readiness for more collaboration with the international players of the services industry after US Commerce Secretary Gina Raimondo warned China as she returned from her trip to Beijing. On the same line, US President Joe Biden also crossed wires during the weekend while showing his disappointment with Chinese President Xi Jinping’s decision to remain absent from the summit of G20 leaders in India.
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