2023.10.3020:57:00UTC+00Dollar Loses Ground Ahead Of Central Bank Policy Meetings

The U.S. dollar shed ground against its major rivals on Monday, with investors looking ahead to the Federal Reserve's monetary policy announcement for clues about the central bank's interest rate moves.

The Fed meeting is scheduled to take place on Tuesday and Wednesday. The central bank is widely expected to leave rates unchanged. The accompanying statement is eyed for clues about future interest rate hikes, if any.

The Bank of Japan and the Bank of England are also scheduled to announce their monetary policies this week.

The U.S. non-farm payroll data is due on Friday. Economists expect a job growth of 180,000 in October, down from an increase of 336,000 jobs in the previous month. The unemployment rate is expected to remain steady at 3.8%.

The dollar index dropped to 106.06 and remains weak at 106.14, down 0.4% from the previous close.

Against the Euro, the dollar is down at 1.0617, dropping from 1.0566. The dollar is weak against Pound Sterling at $1.2170 after having settled at 1.2120 on Friday.

The dollar is trading weak against the Japanese currency, fetching 149.08 yen a unit, down from the previous close of 149.68 yen a dollar.

Against the Aussie, the dollar is trading at 0.6377, down by about 0.8%. The dollar is down marginally against Swiss franc at CHF 0.9018. Against the Loonie, the dollar is weak at C$ 1.3828, down from C$ 1.3882.