© Archyde.com. US dollar banknotes in a photo from Archyde.com archive.
SINGAPORE (Archyde.com) – The dollar rose on Monday, on the eve of a two-day meeting of the US Federal Reserve on monetary policy.
The Fed is widely expected to raise interest rates by an additional 25 basis points this week, and investors will be looking for any fresh indications on the number of potential rate hikes.
It fell to 102.27 from a 20-year high of 114.78 on Sept. 28.
It fell 0.22 percent to $1.0844, giving up previous gains, following consumer prices in Spain rose 5.8 percent year-on-year in January, the first increase in six months.
The dollar rose 0.57 percent to 130.53 yen.
As for the Australian dollar, it fell 0.75 percent to 0.7056 dollars, but it was on its way to achieving monthly gains of regarding 3.5 percent, following the Australian inflation rate jumped to its highest level in 33 years in the past quarter.
The pound also fell 0.43 percent to $1.2345 before the Bank of England meeting on Thursday. Both the Bank of England and the European Central Bank are expected to raise interest rates by 50 basis points this week.
(Prepared by Ali Khafaji for the Arabic Bulletin)