The dollar began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on further dollar gains from rising U.S. rates and turned hopeful that loosening lockdowns in China can help global growth. U.S stock market futures bounced sharply in Asian Market opening trades today and pulled the risk-sensitive Australian and New Zealand dollars along for the ride. The U.S. dollar index fell 0.1% to 102.67, about 2% beneath a two-decade high of 105.010 made earlier in May. In currencies today, the euro and yen rose, with the yen up 0.1% to 127.17 per dollar and the euro up 0.2% at $1.0586 following last week\'s 1.5% gain on the dollar. Sterling leapt nearly 2% last week on the back of stronger-than-expected retail data and markets\' broader re-think on whether global central banks are really lagging much behind the Federal Reserve. It was last up 0.3% at $1.2536. The yuan had its best week since late 2020 last week and firmed to 6.6861 per dollar in offshore trade early today. Geopolitics are in focus in Asia this week as U.S. President Joe Biden tours the region, promoting greater U.S. economic engagement and seeking to push back against China\'s influence. The Indian rupee opened weaker with a huge gap of almost 15 paise at 77.70/71 against its previous session’s close of 77.55/56 and is expected to trade between 77.40 – 77.90 band today.
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