The U.S. dollar is trading higher against its major peers. On Friday, the U.S. GDP was released. The final U.S. GDP rose at an annual rate of 2.2% in the fourth quarter, missing expectations for a 2.4% growth. A previous estimate was 2.2%. During Friday’s highly anticipated speech, FED chair, Janet Yellen reiterated that the bank is going to hike rates gradually later this year, although developments in the economy might have an impact on the timing. Today, Personal Income, Personal Spending, Pending Home Sales and a speech of FED Vice Chairman Stanley Fischer will be the focus.
The Euro retreated at the beginning of the week against the US dollar, amid concerns about Greece and the lack of liquidity.
The pound fell against the US dollar in early trading this week, as investors await several data releases from the UK.
The Australian dollar declined against the U.S. dollar for a fifth day in the absence of any major data from the region.
The Japanese yen declined moderately against the greenback on Monday. Japanese Industrial Production shrank -3.4% in February, compared to a reading of +3.7% in January. Year on year Industrial Production came in at -2.6% compared to -2.8%.