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2023.01.3021:09:00UTC+00Dollar Gains Against Major Counterparts Ahead Of Fed Policy Meeting

The U.S. dollar climbed higher against most of its major counterparts on Monday, ahead of the Federal Reserve's interest rate decision on Wednesday.

The Bank of England and the European Central Bank are also scheduled to announce their interest rate decisions this week.

The Fed is widely expected to slow the pace of rate hike to 25 basis points.

Recent upbeat economic data has generated some optimism the Fed could engineer a soft landing but has also led to concerns the central bank will need to keep rates at elevated levels for longer than anticipated.

The BoE and the ECB are expected to raise interest rates by 50 basis points.

The dollar index, which dropped to 101.66 in the Asian session, climbed to 102.31 later on in the day, and was last seen at 102.22, up nearly 0.3% from the previous close.

Against the Euro, the dollar has firmed to 1.0852, after having dropped to 1.0916.

The dollar is stronger against Pound Sterling at 1.2351, gaining from 1.2396.

Against the Japanese currency, the dollar has strengthened to 130.44 yen, up from 129.85 yen on Friday.

The dollar has firmed to 0.7060 against the Aussie from 0.7108.

Against Swiss franc, the dollar rose to CHF 0.9252 from around CHF 0.9212.

The dollar traded firm against the Loonie as well, strengthening to C$ 1.3388 from C$ 1.3312.

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