The dollar index edged higher on Monday as investors eagerly await a slew of pending economic releases that was delayed on account of US government shutdown. Meanwhile, recent hawkish comments from US fed officials have reduced possibility of a near term rate cut. The dollar index is recovering from a two and half week low and is currently quoting at 99.25. Kansas City Fed President Jeffery Schmid said on Friday that monetary policy should lean against demand growth, adding that current Fed policy is modestly restrictive, which he believes is appropriate. Moreover, St. Louis Fed President Alberto Musalem said Thursday that rates are now closer to neutral than restrictive and the US economy remains resilient. Musalem stressed the need for caution, noting there is limited room to ease without risking overly accommodative policy.
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