The Dollar is Down From Its Highest Level in 16 Months

The dollar was lower on Monday, retreating from a 16-month high, as traders looked for fresh clues about the Federal Reserve’s thinking about the timing of an interest rate hike.

The dollar index, which measures the greenback against a basket of six other currencies, was down 0.1% at 95.073, retreating from a 16-month high of 95.267.

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While EURUSD was trading flat at 1.1449, above Friday’s 16-month low of 1.1433, USDJPY rose 0.1% to 113.95, while GBPUSD rose 0.1% to 113.95. to 1.3416, recovering from Friday’s low of 1.3354, its weakest level this year.

The dollar also rose to its highest level in more than a year last week when data showed US consumer prices rose last month at the fastest annual pace since 1990, casting doubt on whether the Federal Reserve can defend its position that rising inflation This year it will be temporary.

Before that, the main focus regarding this week’s slate of US economic data will be retail sales data on Tuesday, especially after Friday’s University of Michigan survey showed that consumer confidence unexpectedly fell to a decade low in early November.