• The dollar crawled up from lows on Monday but struggled to pull ahead from six straight weeks of losses on its evaporating yield advantage and doubts about Washington’s commitment to a strong currency.
The dollar index against a basket of six major currencies rose 0.2 percent to 89.215, extending its rebound from 88.429, a three-year nadir set on Thursday.
The currency was marginally helped by U.S. GDP data on Friday, which showed strong domestic consumption and capital spending even though the headline figure was weaker than expected due to a rise in imports.
Against the yen, the dollar eked out 0.1 percent gain to trade at 108.72 yen, after hitting a low of 108.28 yen on Friday, its lowest level since mid-September.
The euro traded at $1.2400, down 0.2 percent and off its three- year peak of $1.2538 touched on Thursday.
• China’s economic growth will likely slow to 6.5-6.8 percent this year, a senior official at the country’s top economic planner wrote in the Beijing Daily on Monday, while warning about the risks of “Black Swan” and “Grey Rhino” events.
Black swans, or unforeseen occurrences, and grey rhinos, or highly obvious yet ignored threats, are likely to occur this year with adverse consequences, Fan Hengshan, vice secretary general of the National Development and Reform Commission (NDRC), wrote in a commentary in the state-controlled newspaper.
• India’s economy should grow between 7 percent and 7.5 percent in the upcoming fiscal year that begins on April 1, the finance ministry will say in its pre-budget Economic Survey on Monday, financial newswire Newsrise reported citing a source.
The forecast comes after the government this month lowered its GDP growth forecast for the year ending March 2018 to 6.5 percent, the weakest pace in four years.
• Hundreds of supporters of Russian opposition leader Alexei Navalny began a nationwide day of protest against the authorities on Sunday, calling on voters to boycott what they said was a rigged presidential election on March 18.
Beneath bright blue skies, hundreds of young people gathered in the main square of the port of Vladivostok in the Russian Far East. Speakers called the election, which polls show incumbent Vladimir Putin should easily win, a farce.
• U.S. officials created a small firestorm with their dollar comments in the chilly air of Davos this week, but a much more important factor for the future of the currency will be what they say and do about trade when they leave Switzerland.
Strategists say the dollar could consolidate now after its latest bout of weakness, and the focus will now be on whether the Trump administration can pursue its goal of new, fair trade agreements without sparking trade wars and new currency volatility.
• U.S. lawmakers attending NAFTA talks in Montreal expressed optimism on Sunday that efforts to update the trade pact would avoid collapse and start gaining momentum and said they urged negotiators not to bind themselves to a specific deadline.
• Oil prices held firm on Monday on strong demand, a weaker dollar and ongoing supply cuts led by OPEC and Russia, although analysts said soaring North American output would dent the market outlook for later in the year.
U.S. West Texas Intermediate (WTI) crude futures were at $66.29 a barrel at 0659 GMT, up 15 cents, or 0.2 percent, from their last settlement.
Brent crude futures held above $70 per barrel, dipping 8 cents to $70.44 a barrel.
Reference: Reuters, CNBC
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