The U.S. dollar turned in a mixed performance against its major counterparts on Monday with traders looking ahead to the Federal Reserve’s monetary policy meeting, and reacting to news on the geopolitical front.
The Fed is widely expected to raise interest rates by 25 basis points. Traders are looking ahead to the accompanying statement for clues about further rate hikes.
The central bank is likely to continue raising rates over the comings months in an effort to combat elevated inflation, although the economic impact of the Russia-Ukraine conflict may affect the pace.
The dollar index dropped to a low of 98.68 a little past noon, but recovered to 99.10 subsequently, down just marginally from the previous close.
Against the Euro, the dollar is weak at $1.0942, down from Friday’s close of $1.0915.
The dollar is trading at $1.3003 against Pound Sterling, firming from $1.3038, and is fetching 118.21 yen a unit, about 0.75% more than the previous close of 117.33 yen.
Against the Aussie, the dollar is at 0.7190, gaining from $0.7292.
The Swiss franc is at 0.9386 a dollar, easing from 0.9338. The dollar has firmed against the loonie, fetching C$1.2826 a unit, about 0.65% more from the previous close of C$1.2745.