US Dollar Index trades at multi-week highs following last week's rally. preserves its strength to start the new week despite subdued trading action amid the Memorial Day holiday in the United States . The US Dollar Index , which tracks the USD's performance against a basket of six major currencies, holds steady above 104.00 after having gained 1% last week.
In the second half of the week, the ISM Manufacturing PMI, ADP Employment Change and the US Bureau of Labor Statistics' May jobs report will be watched closely by market participants. The US Bureau of Economic Analysis reported on Friday that inflation in the US, as measured by the change in Personal Consumption Expenditures Price Index, rose to 4.4% on a yearly basis in April from 4.2% in March.
Further details of the BEA's publication showed that Personal Income increased 0.4% on a monthly basis while Personal Spending rose 0.8%. According to the CME Group FedWatch Tool, markets are currently pricing in a less than 40% probability of the Fed leaving its policy rate unchanged at the upcoming meeting.
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