The dollar held about 1% below a two-decade peak versus major peers at the start of a week that sees some dozen central bank decisions, headlined by the Federal Reserve on Wednesday and followed by the Bank of Japan and Bank of England the next day.
The dollar index , which measures the currency against six counterparts, was 0.09% stronger than Friday at 109.66, consolidating after a volatile couple of weeks that took it as high as 110.79 on Sept. 7 for the first time since mid-2002, only to see it retreat to 107.67 six days later.
Currently, markets have priced in at least another 75 basis point increase for this week's Federal Open Market Committee's meeting, and 19% odds of a super-sized full percentage point bump. "USD can remain elevated as the FOMC continues to hike aggressively and on growing global recession risks," and could hit a new cyclical peak above 110.8, Commonwealth Bank of Australia strategists wrote in a client note.
The dollar was little changed at 142.905 yen , calming down after its surge to a 24-year high of 144.99 earlier this month.
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