FOREX-Dollar reaches two-week high as investors prepare for Fed meeting

The U.S. dollar rose to a two-week high on Monday after strong economic data last week led investors to reassess whether the Federal Reserve will sound as dovish as expected at this week’s monetary policy meeting. Broader currency markets were quiet, as traders hesitated to put on large positions before the Fed meeting, a meeting of European Central Bank policymakers in Portugal and the Bank of England’s interest rate decision on Thursday. Strong U.S. retail sales on Friday reduced the chances of a rate cut this week and lifted the dollar, although Fed Chairman Jerome Powell is expected to leave open the possibility of future rate cuts.

Source: Yahoo.com