The dollar index (DXY00) rose by +0.20% on Monday. The dollar moved higher on Monday amid hawkish Fed comments. Chicago Fed President Austan Goolsbee and St. Louis Fed President Alberto Musalem said the Fed may have to hike interest rates further to restore price stability. Dollar gains were limited on Monday after WTI crude oil prices plunged by more than -4%, which eased inflation expectations and could persuade the Fed to loosen monetary policy, a bearish factor for the dollar. Also, a stronger Chinese yuan undercut the dollar as the yuan climbed to a 3.5-year high on Monday.
Today's US economic news showed the Aug Chicago Fed national activity index fell -0.12 to -0.04, right on expectations.
