The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes ahead of a policy decision on Wednesday.
The greenback approached a 1 1/2-week top to the yen . The safe-haven Japanese currency weakened after a strong showing for the ruling party in weekend elections eased doubts about the new prime minister's popularity.The dollar index , which measures the U.S. currency against six rivals, was little changed at 94.161, hovering close to Friday's peak of 94.302, a level not seen since Oct. 13.
"The reduction in political uncertainty is playing out with slight yen weakness this morning," said Shinichiro Kadota, senior FX strategist at Barclays in Tokyo.Monetary policy in the United States and elsewhere is in sharp focus this week, with the Federal Open Market Committee widely expected to announce a tapering of stimulus.
The dollar "looks well-positioned to build on gains through a potentially decisive week of event risk," Westpac strategists wrote in a note to clients, predicting a "brisk" $15 billion per month tapering of asset purchases and a jobs number "at least as strong as consensus."The Reserve Bank of Australia also decides policy on Tuesday, with markets challenging the central bank's contention that rates won't rise until 2024.
The Aussie dollar slipped 0.13% to $0.7511, continuing its retreat from a nearly four-month high $0.75555 reached last week.
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