Investing.com - The dollar edged higher against the other major currencies on Monday, as investors turned their attention to the Federal Reserve’s upcoming policy meeting this week.
EUR/USD slid 0.34% to 1.1110.
The dollar had broadly weakened after China’s central bank boosted the fixed rate of the yuan following a sharp rally in the euro on Thursday, after European Central Bank President Mario Draghi appeared to indicate that the bank would not cut interest rates deeper into negative territory.
The single currency remained under pressure after the ECB cut interest rates across the euro zone to new record lows and boosted its quantitative easing program last Thursday.
The ECB cut its benchmark interest rate to a record-low of zero from 0.05% and boosted its quantitative easing program by €20 billion per month to €80 billion, starting in April.
USD/JPY fell 0.17% to 113.64.
The dollar was higher against the pound and the Swiss franc, with GBP/USD down 0.24% at 1.4348 and with USD/CHF advancing 0.49% to 0.9875.
Meanwhile, the Australian and New Zealand dollars were weaker, with AUD/USD down 0.21% at 0.7547 and with NZD/USD declining 0.44% to 0.6714.
USD/CAD rose 0.29% to 1.3252. The commodity-related loonie weakened as oil prices pulled back from three-month highs after Iranian Oil Minister Bijan Zanganeh said his country won\'t join a group production freeze until it doubles its post-sanctions output.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.30% at 96.53, pulling away from Friday’s one-month low of 95.94