Dollar falls into narrow range ahead of Fed meeting

Dollar falls into narrow range ahead of Fed meeting

The dollar fell in Asian trade on Monday, stuck in a narrow trading range as traders await a U.S. Federal Reserve meeting next week.

The dollar index fell 0.17% to 91.170. Against the Japanese yen, the dollar fell 0.06% to 107.90. The Chinese yuan gained 0.07% to 6.4958, while the pound was up 0.19% to 1.3862. 

The risk-sensitive Aussie climbed 0.37% to 0.7735 against the dollar, while the kiwi rose 0.14% to $0.7182. Although both currencies steadied in Asian trade, traders said that a recent plunge in commodity prices showed a downside risk for both. 

The U.S. Federal Reserve will announce its policy decision on April 28, when it is widely expected to keep current policies steady. 

As an improving economic outlook and speedy vaccination programmes continue to boost sentiment, traders lowered expectations for a withdrawal in monetary easing policies. 

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