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USD Index remains under pressure below the 102.00 mark


23 January 2023

The US Dollar started the new week under modest bearish pressure and the US Dollar Index declined below 102.00 during the Asian trading hours on Monday. The market mood seems to have turned cautious with the US stock index futures trading modestly lower on the day, while the benchmark 10-year US Treasury bond yield stays slightly below 3.5% following Friday's decisive rebound. Later in the session, Germany's Bundesbank will publish its monthly report and the European Commission will release the preliminary Consumer Confidence Index for the Euro area. The US economic docket will feature the Federal Reserve Bank of Chicago's National Activity Index for December.

Nevertheless, market action remains relatively subdued amid thin trading volumes on the Chinese New Year Holiday. In the Asian session, the Bank of Japan (BoJ) released the minutes of its December monetary policy meeting. According to the publication, some members noted that the BoJ must reiterate and clearly explain that the widening of the yield band was not a move eyeing an exit from the ultra-loose policy. USD/JPY, which registered gains last week, extended its rebound and was last seen trading in positive territory at around 130.00.

As the 10-year US Treasury bond yield gained nearly 3% on Friday, Gold price struggled to preserve its bullish momentum ahead of the weekend. After having touched a multi-month high of $1,937, XAU/USD ended up closing modestly lower on Friday. At the time of press, the pair was moving up and down in a tight range above $1,920.

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