• The U.S. dollar was steady against a basket of currencies on Monday ahead of a busy week that will include a speech by U.S. President Donald Trump on the economy and numerous comments from Federal Reserve officials. The greenback was last up 0.03 percent against a basket of six major currencies at 101.12, after earlier falling to 100.69.
The dollar dropped 0.27 percent against the euro to $1.0588 and gained 0.51 percent against the yen to112.75 yen.
• With any impact from Trump’s economic policies unlikely to be seen near-term, investors are focused on whether current growth is strong enough to lead the U.S. Fed to raise rates in the near-term.
• Contracts to buy previously owned U.S. homes dropped in January on a shortage of inventory in the Midwest and West regions, the National Association of Realtors said on Monday.
The NAR said its pending home sales index, based on contracts signed last month, fell 2.8 percent to 106.4.The pending home sales index for December was revised up to 109.5.
Analysts polled by Reuters had forecast a 0.9 percent increase in January. The index last month, however, was still 0.4 percent higher than in January 2016.
• President Trump is set to deliver his first address to a joint session of Congress on Tuesday night. Last month, Speaker Paul Ryan formally invited Mr. Trump last month to deliver the address.
When: Tuesday, Feb. 28, 9:00 to 10:30 p.m. ET
Likely topics include his revised travel ban, which he’s expected to unveil next week. He almost certainly will talk about repealing and replacing Obamacare, passing a tax reform package and his plans to build a wall along the U.S.-Mexico border.
The president will preview his address in an interview on Fox News’ “Fox & Friends” on Tuesday.
• President Donald Trump is seeking what he called a "historic" 9 percent increase in military spending, even as the United States has wound down major wars in Iraq and Afghanistan and remains the world's strongest military power.
• The U.S. Federal Reserve might need to raise interest rates in the near future to avoid falling behind the curve on inflation, Dallas Fed President Robert Kaplan said on Monday.
• Crude oil prices were steady, as expectations of higher U.S. crude production offset reports of high compliance with OPEC's production cut agreement. U.S. crude was up slightly on the day at $54.08 per barrel.
Reference: Reuters, CBS
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