US dollar falls ahead of Fed meeting

New York, Jan 25 (IANS) The US dollar declined against most major currencies on Monday as investors were awaiting the Federal Reserve’s policy meeting scheduled later this week.

The Fed will kick off its two-day monetary policy meeting on Tuesday and will release a statement on the following day. It is widely expected that the central bank would not take any rate action at this meeting amid recent oil weakness.

With no major economic data due out on Monday, investors continued to focus on oil prices. Oil prices reteated on Monday from a rally of last week as the supply glut continued to weigh on the market.

The dollar index, which measures the greenback against six major peers, was down 0.22 percent at 99.353 in late trading.

In late New York trading, the euro climbed to $1.0837 from $1.0792 of the previous session, and the British pound decreased to $1.4259 from $1.4272 dollars. The Australian dollar went down to 0.6972 dollars from 0.7007 dollars.

The dollar bought 118.49 Japanese yen, lower than 118.83 yen of the previous session. The dollar moved down to 1.0155 Swiss francs from 1.0163 Swiss francs, and it moved up to 1.4238 Canadian dollars from 1.4153 Canadian dollars.

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