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Dollar trims gains and steadies
The US dollar rose against most of its peers on Monday, but pared some of its gains ahead of the Federal Reserve meeting.
The Fed will convene tomorrow to decide on monetary policy and provide clarity over the future of its decision in light of the recent economic data.
Uncertainty about the Fed’s next steps continues, especially after the release of mixed economic data, including slowing inflation and rising retail sales, while the central bank hinted to start reducing its bond-buying before the end of this year.
The US Treasury Secretary Janet Yellen warned that failure to raise the debt ceiling may lead to delays in critical payments in October.
The dollar index rose against a basket of major currencies by 0.1% to 93.2 points as of 17:36 GMT, after hitting a high of 93.4 points and a low of 93.1 points.
Oil pares losses on continued demand concerns
Oil prices fell on Monday, amid concerns about global demand, especially the Chinese demand.
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The Fed will convene tomorrow to decide on monetary policy and provide clarity over the future of its decision in light of the recent economic data.
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Brent continued to fall as the US market opened on Monday, dropping around 2.5% while deepening losses for the third day and hit a 1-week low on fears over the Chinese economy.
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