According to online reports, Paul Mackel, global head of foreign exchange research at HSBC, said that changes in U.S. policy, together with upcoming inflation data, may dominate the tone of the U.S. dollar this week. It is expected that the year-on-year increase in CPI in June will increase slightly from May. "The dollar is showing initial signs of responding to data in a more routine way, so if the data is weak, it could become a stumbling block for the dollar." In addition, announcements of possible tariffs on certain countries (i.e. Brazil, Canada, the European Union and Mexico) and targeted products (such as pharmaceuticals and copper) will keep uncertainty high. While these announcements may support the dollar in the short term, other policy risks need to be considered, such as recent criticism of Federal Reserve Chairman Powell over the cost of headquarters renovating.