While speaking at the Mortgage Bankers Association's annual convention on Monday, Philadelphia Federal Reserve President Patrick Harker repeated that the US central bank was "very likely done" with interest rate hikes, per Reuters.

Harker added that the current interest rate environment was draining the housing market of new buyers.

Market reaction

The US Dollar Index, which tracks the USD's valuation against a basket of six major currencies, stays under bearish pressure in the American session on Monday and was last seen losing 0.32% on the day at 106.33.