• The dollar started the week on a shaky footing on Monday as markets took stock of cautious remarks from Federal Reserve Chair Jerome Powell as they waited on a key employment report that could influence the outlook for U.S. interest rates.
  • Powell said on Friday it was clear that U.S. monetary policy was slowing the economy as expected, with the benchmark overnight interest rate “well into restrictive territory.”
  • Markets were pricing in a 60% chance of a rate cut by the March meeting compared with 21% just over a week ago, according to the CME’s FedWatch tool.
  • The U.S. dollar index , which tracks the currency against six major counterparts, was last hovering around Friday’s close at 103.28.