Home Markets Dollar holds near multi-month highs as Fed meeting in focus

Dollar holds near multi-month highs as Fed meeting in focus

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An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany

TOKYO, July 26 (Reuters) – The U.S. dollar hovered near its strongest level since early April against the euro on Monday, as financial markets looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering.

The greenback was also close to a 12-day high on the safe-haven yen as record-high U.S. equity markets buoyed risk sentiment.

The dollar index , which measures the currency against six major peers, stood at 92.920 at the start of the week, off from last week’s 3-1/2-month high of 93.194. It was still up about 3.8% from a recent low on May 25 as an improving U.S. economy bolstered the outlook for the Federal Reserve to start paring asset purchases as early as this year.

Commonwealth Bank of Australia projects the dollar can continue to strengthen this week on the…

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