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Dollar Rises Against Some Major Counterparts
(RTTNews) - The U.S. dollar climbed higher against most of its major counterparts on Monday, ahead of the crucial U.S. inflation data, and the Federal Reserve's policy announcement, due on Tuesday and Wednesday, respectively.
The Fed is widely expected to slow the pace of interest rate hikes to 50 basis points. There are concerns about how much further the Fed will need to raise rates in order to contain inflation.
Traders are likely to pay close attention to the Fed's accompanying statement, although a lot of key data will be released before the next meeting in late January/early February.
The dollar index surged to 105.25 before dropping to 105.02, but still holds in positive territory, gaining about 0.2% over the previous close.
Against the Euro, the dollar is flat at 1.0535, after having firmed to 1.0507 earlier.
The dollar is down slightly against Pound Sterling at 1.2270.
Against the Japanese currency, the dollar has strengthened to 137.66 yen, gaining from 136.57 yen.
The dollar is trading at 0.6751 against the Aussie, up from 0.6796.
The Swiss franc is weak against the dollar at 0.9361, down from 0.9345.
The dollar is down slightly against the Loonie at C$1.3635 after crude oil prices rose sharply.
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