The dollar index held at 98.6 on Monday after a modest gain last week, with trading expected to be quiet this week due to the Christmas holiday. Investor attention will mainly be on the advance-estimate GDP data for the third quarter, set for release on Tuesday, which may offer further insights into the economy’s health and the Federal Reserve’s interest rate path. Investors currently anticipate that the Fed could deliver two 25bps rate reductions next year, amid signs of easing inflation and a weakening labor market. Meanwhile, Fed Bank of Cleveland President Beth Hammack on Sunday said that policy is well-positioned to pause and assess the impact of the 75bps of rate cuts in the economy. Externally, traders are monitoring the yen after Bank of Japan Governor Kazuo Ueda maintained a cautious stance following a rate hike last Friday.

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