Dollar Firms Ahead of Fed and BOJ Rate Decisions
The dollar gained ground on Monday while the yen retreated from recent highs. Global markets braced for upcoming interest rate decisions from the Federal Reserve and the Bank of Japan.
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The United States dollar rose on Monday, trading at 99.34 against major peers as rising oil prices and mounting rate expectations weighed on global risk sentiment. The currency's gains come ahead of a central bank policy decision on Wednesday from the Federal Reserve. Traders are pricing in an 86% chance of a rate increase following acceleration in August consumer prices.
