WASHINGTON (dpa-AFX) - The U.S. dollar slid against its major counterparts on Monday, paring recent gains, as traders looked ahead to the upcoming monetary policy meetings of the Reserve Bank of Australia, the Bank of England and the European Central Bank.
The dollar had moved higher in recent sessions and hit an 18-month high last Friday amid expectations the Fed will announce a series of rate hikes in the foreseeable future.
The Reserve Bank of Australia, which will hold its first meeting of the year on Tuesday, is expected to end its bond buying program amid high inflation.
The Bank of England and the European Central Bank will deliver their policy announcements on Thursday.
While the BoE is widely expected to deliver another increase in the key interest rate, the ECB is seen maintaining its monetary policy and is unlikely to give any signals on possible rate hikes.
The central bank had signaled earlier in the month that it will raise interest rates as early as March.
The dollar index dropped to a low of 96.52 before recovering a bit to 96.63, still down as much as 0.65% from the previous close.
Against the Euro, the dollar is trading at $1.1235, easing from $1.1149 on Friday.
The dollar is trading at $1.3446 against Pound Sterling, giving up 0.28%.
Against the Japanese currency, the dollar is trading at 115.12 yen, drifting down from 115.23.
The dollar is at 0.7065 against the Aussie, dropping from 0.6988.
The Swiss franc is at CHF 0.9267 against the dollar, gaining from CHF 0.9310, while the Loonie is stronger by nearly 0.5% against the dollar at C$ 1.2710.
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