Slower currency movements graced the opening of trading earlier in the week, with the US dollar continuing to trade higher against other major rivals.
The absence of new factors at the beginning of the week and the closure of financial institutions in China in conjunction with the Chinese New Year holiday kept the movement of the currency in the Asian session little changed.
At the time of writing, the dollar index remains strong at an 18 -month high against most major currencies.
The signal given by the Federal Reserve (Fed) about a possible interest rate hike in March continued to push the US dollar to trade stronger even as data readings on Friday showed growth in consumer spending slightly slowed in December.
Following that, investors will now focus on policy meetings from several major central banks, including Australia, Europe and England which will take place this week.
The Australian Central Bank (EBA) meeting to be held in the Asian session tomorrow is expected to see a decision from policymakers to reduce or end their bond -buying programs altogether.
This follows some economic data that continues to show a strengthening, particularly the Australian inflation rate. In the Asian session, the Aussie dollar remained gloomy at its lowest level since July 2020.
Meanwhile, euro trading remained gloomy at its lowest level since June 2020, while the pound struggled around the 1.34000 price level against the greenback dollar.
