The US dollar fell against most major rivals on Monday, although mildly, as trade concerns calmed down with the markets now focused on the Federal Reserve’s policy meeting this week.

The Federal Reserve’s policy meeting starts tomorrow, with the bank widely expected to hold interest rates flat despite Trump’s calls to cut rates.

Investors will assess Fed Chair Jerome Powell’s remarks closely following the meeting to gauge the likely pace ahead of interest rate cuts this year.

Earlier US data showed the ISM services PMI up to 51.6 in April from 50.8 in March, while analysts expected a dip to 50.2.

Otherwise, Beijing finally hinted this week that it’s open for negotiations with Washington on trade, thus calming investor concerns about the trade war.

On trading, the dollar index fell 0.1% to 99.9 as of 19:39 GMT, with a session-high at 100.05, and a low at 99.4.

Aussie

The Australian dollar rose 0.3% against its US counterpart to 0.6466.

Loonie

The Canadian dollar rose 0.1% against the greenback as of 19:55 GMT to 0.7239.

US stock indices fell on Monday as most tech companies released their quarterly results with focus now turning to the Fed’s meeting.

The Federal Reserve’s policy meeting starts tomorrow, with the bank widely expected to hold interest rates flat despite Trump’s calls to cut rates.

Investors will assess Fed Chair Jerome Powell’s remarks closely following the meeting to gauge the likely pace ahead of interest rate cuts this year.

Otherwise, Beijing finally hinted this week that it’s open for negotiations with Washington on trade, thus calming investor concerns about the trade war.

On trading, Dow Jones edged 0.4% lower, or 25 points to 41,320 points, while S&P 500 declined 0.4%% to 5661 points, as NASDAQ slipped 0.6% to 17,868 points.

Bitcoin slid on Monday on track for the third loss in a row away from three-month highs amid active profit-taking, with the world’s most valuable cryptocurrency potentially testing the $90,000 barrier.

Now eyes are focused on the Federal Reserve’s policy meeting this week, expected to provide crucial clues on the path ahead for US interest rates this year.

The Price

Bitcoin fell 0.8% at Bitstamp today to $93,550, with a session-high at $94,804.

On Sunday, bitcoin shed 1.7% on profit-taking away from a three-month high at $97,938.

Bitcoin rose 0.6% last week, the fourth weekly profit in a row after strong purchases by global corporations and influx of investments into bitcoin exchange funds.

Crypto Market Value 

The market value of cryptocurrencies fell nearly $50 billion today to a total of $3026 trillion.

The Fed

Tomorrow, the Federal Reserve will convene and discuss monetary policies, expected to hold interest rates unchanged.

The Fed’s monetary statement and Chair Powell’s subsequent press conference will likely provide clues on the path ahead for policies.

US President Donald Trump continued to pressure Powell to cut interest rates, however he said won’t fire him before the end of term in May 2026.

Gold prices rose in European trade on Monday, extending losses for the second straight session and recovering from a two-week trough, as the dollar lost ground.

Eyes are focused on the Federal Reserve’s policy meeting this week, expected to hold interest rates unchanged for the third meeting in a row while providing clues on the future of interest rates this year.

The Price

Gold prices rose 1% today to $3272 an ounce, with a session-low at $3237.

On Friday, gold rose 0.1%, the first profit in four days away from a two-week trough at $3202.

The precious metal slid 2.4% last week, the second weekly loss in a row on profit-taking away from a record high.

The Dollar

The dollar index fell 0.4% on Monday against a basket of major rivals today.

It comes on profit-taking away from three-week highs, while investors shun new positions before new developments in the US-China trade talks.

The Fed

Tomorrow, the Federal Reserve will convene and discuss monetary policies, expected to hold interest rates unchanged.

The Fed’s monetary statement and Chair Powell’s subsequent press conference will likely provide clues on the path ahead for policies.

US President Donald Trump continued to pressure Powell to cut interest rates, however he said won’t fire him before the end of term in May 2026.

US Rates

Several Fed officials don’t believe there’s an urgent need to review monetary policies soon.

According to the Fedwatch tool, the odds of a Fed 0.25% rate cut in May stood at just 8%.

The odds of such a cut in June stood at a healthier 65%.

SPDR

Gold holdings at the SPDR Gold Trust fell 1.15 tons on Friday to a total of 944.26 tons.