The dollar retreated


The dollar retreated as traders awaited central bank decisions
The US dollar fell against a basket of currencies on Monday but remained close to a six-month high as traders awaited interest rate decisions this week from the Federal Reserve, Bank of England and Bank of Japan.



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The dollar index, which measures the currency against six major rivals,
fell 0.1% to 105.15, not far from a six-month high of 105.43 touched on Thursday.
The index rose for the ninth week in a row last week, its longest winning streak in nearly a decade.
There were several reasons for the dollar’s retreat on Monday,
including disappointing economic data from the United States and expectations
that the Fed will raise interest rates by only 25 basis points on Wednesday,
instead of 50 basis points as previously expected.Michael Brown, a market analyst at Trader X, said:
“The large number of event risks and upcoming central bank meetings are suppressing volatility,
and traders are not really keen to chase moves or take on significant risks ahead of the Federal Open Market Committee,
the Bank of England, the Bank of Japan, etc.”







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The euro rose
The euro rose 0.23% against the dollar to $1.0683.
The European Central Bank raised interest rates to 4% last week,
but said that this may be the last hike.


The yen rose
The yen rose about 0.15% against the dollar to 147.62 yen per dollar,
with traders leaving for a public holiday in Japan.


The pound fell
The pound fell 0.02% to $1.23805. Traders expect the Bank of England to raise interest rates by 25 basis points to 5.5% on Thursday, which could be its last hike.


Bitcoin rose
In cryptocurrencies, Bitcoin rose 1.02% to $26,806, its highest level in more than two weeks.



The dollar retreated as traders awaited central bank decisions