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Market Update: US Dollar Index Trades Flat
The US Dollar Index was little changed at 90.102 in early Asian trade Monday as investor weighed weaker than expected economic data against the prospects of rising interest rates. Among data, the US economy added 559K jobs in May, above an upwardly revised 278K in April but below market forecasts of 650K, while factory orders shrank 0.6% on-month in April, the first decline in 12 months. Over the weekend, G7 finance ministers backed an historic US proposal that calls for corporations around the world to pay at least a 15% tax on earnings. Local 10-year rates eased to 1.567%. Meantime, Treasury Secretary Janet Yellen noted that President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates. Later in the week, the FOMC meeting will be under the spotlight where the Fed would be expected to say that substantial progress towards its goals has not been achieved. . [/s2If]
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