WASHINGTON (dpa-AFX) - The U.S. Dollar gained against most of its major counterparts on Monday amid expectations of a policy tightening by the Federal Reserve and mounting geopolitical tensions following Russia's military buildup on the Ukraine border.
The Fed is holding its two-day policy meeting on Tuesday and Wednesday. The central bank is expected to provide more clues about its outlook for rate hikes and policy tightening.
Although the central bank is unlikely to raise rates on Wednesday, a 50-basis points cut is expected as early as March.
The dollar index climbed to 96.13 before paring some gains. The index is currently hovering around 95.90, up 0.27% from the previous close.
Against the Euro, the dollar is at $1.1325, gaining nearly 0.2% from Friday's close.
The dollar is trading at $1.3490 against Pound Sterling, firming from $1.3553.
Against the Japanese currency, the dollar is fetching 113.98 yen, compared with 113.68 yen on Friday.
Against the Aussie, the dollar is at 0.7144, gaining from 0.7185.
The Swiss franc is at 0.9140 a dollar, drifting down from 0.9116. The Loonie weakened against the dollar as oil prices tumbled, and was at 1.2635 a dollar, down from the previous close of 1.2580.
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