Dollar Gains Against Major Counterparts Ahead Of Fed Policy Meeting
(RTTNews) - After staying weak in the Asian session, the U.S. dollar slowly gained in strength during the New York session on Monday as investors looked ahead to the Federal Reserve's monetary policy announcement, due on Wednesday.
The U.S. central bank is widely expected to leave its key rates unchanged. The accompanying statement and the post meet comments from Fed Chair Jerome Powell are in focus for clues about the likely timing of interest rate cuts by the central bank.
The Bank of Japan and the Bank of England are scheduled to make their monetary policy announcements on Wednesday and Thursday, respectively.
According to CME Group's FedWatch Tool, there is currently an 89.6% chance the Fed will lower rates by a quarter point in September and a 10.1% chance of a half point rate cut.
Later in the week, the focus is likely to shift to the Labor Department's closely watched monthly jobs report for July.
The dollar index climbed to 104.75 before easing to 104.58, but still remained well above the flat line, gaining about 0.25%.
Against the Euro, the dollar firmed to 1.0824 from 1.0858
Against Pound Sterling, the dollar gained marginally to 1.2862, and against the Japanese currency, it firmed to 154.04 yen, rising about 0.2%.
The dollar weakened to 0.6550 against the Aussie. Against Swiss franc, the dollar strengthened to fetch CHF 0.8861 a unit, compared to CHF 0.8838 on Friday. The dollar firmed against the Loonie, fetching C$ 1.3854 a unit.
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