The US dollar tumbled broadly on Monday. Fed Chairman Jerome Powell is expected to provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress. The US Dollar Index was trading slightly lower this morning, at 97.20 levels.
The Turkish lira weakened by 1.59 percent against the US dollar on Monday after Turkish President Recep Tayyip Erdogan sacked the governor of the central bank and replaced him with his deputy.
The Canadian dollar retraced this morning despite a bad employment report on Friday which showed a reduction in Canadian employment contracts by 2.2K in June. The loonie was trading at 1.3052 against the greenback on Monday as the market eyes the next key event of BoC monetary policy, due on Wednesday.
A European Central Bank governing council member, Benoit Coeure, said that the ECB could restart quantitative easing if needed, however, he signaled that they are not yet united on when or how to act.