| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 10:00 | Eurozone | Trade balance unadjusted | September | 3.5 | 6.5 | 7.3 |
| 10:00 | Eurozone | ECB President Lagarde Speaks | | | | |
USD weakened against most of its major counterparts in the European session on Monday, giving back some of its last week's gains.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.09% to 95.04.
The U.S. currency surged to an almost 16-month high after the data showed that the country’s CPI jumped 6.2% in October, pointing to the fastest pace of inflation since November 1990, and raising bets of a near-term acceleration in the Fed's tapering schedule.
However, the U.S. Treasury secretary Janet Yellen and Minneapolis Fed president Neel Kashkari tried to downplay inflation concerns over the weekend.
On Sunday, Kashkari said that he expects to see somewhat higher CPI prints over the next few months, but the Fed should not overreact to this as elevated inflation reflects temporary factors.
Meanwhile, Yellen acknowledged big gains in prices for fuel and food, but said she expects the situation to change "when the economy recovers enough from COVID." She also added that the prices are seen to return to normal in the second half of 2022.