US Dollar trades soft ahead of eventful week

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• The US Dollar faces selling pressure as investors await fresh catalyst.
• Dovish bets on the Fed and lower US yields weakened the green currency.
• The US will release the preliminary estimate of Q3 GDP and PCE inflation data this week. 

The US Dollar (USD) measured by the US Dollar Index (DXY) declined to the 105.75 area and consolidated below the 20-day Simple Moving Average (SMA) on Monday. Falling US Treasury yields leaves markets betting on lower odds of a hike by the Federal Reserve (Fed) and has the US Dollar losing interest.