The US dollar ended trading last weekend gloomily after US economic data still failed to give a boost injection against the king of the currency.
The New York session last Friday saw the release of US retail sales data for September which recorded a positive -than -expected reading, but lower than previous figures.
Subsequent US consumer confidence data also recorded a declining figure reading which raised market concerns over consumer spending in the US.
The dollar index has fallen about 0.6% from a 2021 high reached last week while investors think price pressures will prompt the Federal Reserve (Fed) to raise interest rates and other central banks will need to be aggressive towards policy tightening.
The depreciating US dollar situation is seen to continue to give room for other major currencies in the market to post gains this week while the focus economic data throughout the week will be monitored.
The development of the European currency, although the Euro failed to capitalize on the opportunity to rise higher against the US dollar, the Pound instead displayed a positive performance with an injection of hawkish statements by the previous UK central bank Governor giving hints for policy tightening.
The New Zealand dollar recorded the largest increase in quarterly inflation ending September for a decade.
The surge in New Zealand inflation data published in the Asian session earlier this week has propelled the Kiwi to a 1 -month high with an increase of around 0.3%.
The Australian dollar hovered at a 6 -week high at the opening of this week's trading session after showing an excellent performance last week.
Meanwhile, the commodity market surprised gold investors when the precious yellow metal plunged back around $ 35 after the price hit a high of $ 1,800 last Thursday.
