Janet Yellen and U.S. Dollar Index DXY

cautious approach: The U.S. Dollar Index DXY, -0.02% a gauge of the greenback strength against a basket of rival currencies, fell 1.6% this week after Fed Chairwoman Janet Yellen reiterated the need to take a cautious approach to raising interest rates, according to Market Watch. A tighter monetary policy boosts the currency on a confidence in the economy and as investors chase yields. The dollar will be very much a part of market conversation and, given the stronger economic data this week, we will watch to see what happens with the dollar, said Quincy Krosby, market strategist at Prudential Financial. Oil prices will also be under close scrutiny given the tight correlation between oil and the stock market. Stocks have closely shadowed oil recently with correlation between the two assets hitting a multi-year high of 0.6 earlier this week. West Texas Intermediate crude for May CLK6, -4.46% slid $1.55, or 4%, to settle at $36.79 on Friday after Mohammad bin Salman, the deputy crown prince of Saudi Arabia, said in a media interview the country will only freeze its production if other major producers agree to do the same. (news.financializer.com). As reported in the news.