Dollar ends week-long gain streak; investors eye BOJ policy meeting

Dollar ends week-long gain streak; investors eye BOJ policy meeting

The Dollar ended its week-long gain streak on Monday in Asia.

The U.S. Dollar Index lost 0.28% to 100.148 at 11:30 Am ET (4:30 AM GMT)

Investors had flocked to the Greenback in the previous weeks as a pandemic-led economic turmoil drove to safe-haven inflows and a Dollar shortage.

However, some analysts predict that the Dollar would fall further in the long term due to the aggressive easing in monetary policy by the Federal Reserve.   

Against the Chinese Yuan, the Dollar lost 0.4% to 7.0784 Yuan. The British Pound Sterling gained 0.28% to $1.2402.

Down under, the Australian Dollar rose by 0.78% to $0.6434 while the New Zealand Dollar gained 0.45% to $0.6045. The gains came after rallying stocks bolstered investor confidence in the Antipodean currencies.

Meanwhile, the Dollar fell against the Japanese Yen by 0.13% to ¥107.35 after the Bank of Japan held its monetary policy meeting on Monday. The Japanese central bank is expected to consider clearing limits to bond purchases and to ease funding for businesses affected by the pandemic.   

Investors are also expecting that the ongoing Fed meeting to end on Wednesday as well as an ECB meeting scheduled on Thursday.

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