Dollar Down Concerns Over Hedge – The dollar was slightly down on Monday morning in Asia.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.01% to 90.523 by 10:59 PM ET (3:59 AM GMT).

The USD/JPY pair was flat at 104.69.

The AUD/USD edged up 0.11% to 0.7651 The riskier AUD reversed earlier losses against the dollar despite disappointing economic data from China, a key customer for Australian commodities.

The Reserve Bank of Australia will also hand down its policy decision on Tuesday.

The NZD/USD pair edged up 0.15% to 0.7201.

The USD/CNY pair gained 0.56% to 6.4610. The manufacturing PMI was 51.3, against the 51.6 in forecasts prepared by and December’s 51.9. The non-manufacturing PMI came in at 52.4, against December’s 55.7.

The Caixin manufacturing PMI, released earlier in the day, was 51.5 and the Caixin services PMI is due later in the week.

The GBP/USD pair was up 0.27% to 1.3735. Pound US Dollar Exchange Rate

In the U.S., Congressional debate over President Joe Biden’s $1.9 trillion fiscal stimulus package continues, with a group of Republican lawmakers urging a significant reduction in the package’s price tag to $600 billion.

Investors are also calculating whether the almost 7% selloff seen in 2020 will continue into 2021.

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GameStop (NYSE:GME) and other shares saw wild swings after retail investor groups organized via social media targeted hedge fund short positions during the previous week.

if we do see a deeper equity correction, I’ve got no doubt that the U.S. dollar can show a little bit more strength,” National Australia Bank (OTC:NABZY) head of forex strategy Ray Attrill told Reuters.

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