The DXY Index slips on Monday, trading down to 103.80.
Fed's hesitance to cut rates has stirred the market and may limit DXY losses.
New Home Sales data for January was lower than expected at 0.66 million.
The US Dollar Index (DXY) is trading at 103.80, reflecting a slight decline. The underperformance comes after the report of soft January housing data from the US, while the Federal Reserve (Fed)'s expressed hesitation toward premature rate cuts may limit the downside. Looking forward, investors await significant forthcoming reports to glean further understanding of the health of the economy including Core and Personal Consumption Expenditures (PCE) and Gross Domestic Product (GDP) revisions later this week.
The Fed, unwavering since January's FOMC meeting, rejects premature rate cuts. Markets heed the stance with the odds of March and May cuts remaining low. As for now, the best-case scenario for markets is that the bank will start cutting in June, but it will all come down to the incoming data. PCE data and GDP revisions will be key
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