Dollar Extends Recent Losses As Traders Await Fed Policy
(RTTNews) - The U.S. dollar drifted lower against most of its major rivals on Monday, easing for a third straight session, as investors looked ahead to the Federal Reserve's monetary policy announcement, due on Wednesday.
The Fed is widely expected to announce another 75 basis points hike in interest rates. CME Group's FedWatch tool is currently indicating a 77.5% chance of a 75 basis point interest rate hike and a 22.5% chance of a 100 basis point rate hike.
The dollar index, which dropped to 106.19 in the European session, was hovering around 106.45 a little while ago, trailing the previous close by nearly 0.3%.
Against the Euro, the dollar is trading at $1.0227, compared with $1.0216 on Friday. The euro firmed against other major currencies after European Central Bank's policymakers signaled sharper rate hikes in the months ahead to bring inflation down.
Against Pound Sterling, the dollar is trading at $1.2051, weakening from $1.2006.
The dollar is stronger against the Japanese currency, fetching 136.64 yen a unit, as against the previous closing level of 136.10 yen.
Against the Aussie, the dollar is down at 0.6959, dropping from 0.6928.
The Swiss franc is weak at 0.9645 a dollar, while the Loonie is stronger at C$1.2847 a dollar.
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