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US dollar extends pullback after weak US data

The USD Index last traded down 0.2% to 99.43 after a slide versus major rivals, with markets also focusing on Canada’s July CPI later Monday.

Reported · Written up by our desk · Major Pairs

The US dollar remained under pressure at the start of the week after ending the previous week with losses against major currency rivals, extending its pullback into Monday.

Market participants will monitor Canada’s July CPI later in the day, while the US economic calendar is described as lacking high impact releases.

In the background, FXStreet pointed to softer US data, including US retail sales declining 0.6% month over month and the University of Michigan consumer sentiment falling to 51 in the August flash estimate from 55.2 in July.

According to BNY, weaker data over recent weeks has reduced rate hike expectations for the remainder of 2026, and the bank said further progress on inflation could reinforce the view that the Federal Reserve is done hiking, leaving near term catalysts such as upcoming activity data and FOMC minutes unlikely to materially shift the broader outlook.

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