Source: Reuters
The U.S. dollar fell against a basket of major currencies on Monday, as investors awaited data on China's services sector and the Federal Reserve's minutes from its latest policy meeting.
The dollar index, which measures the greenback against six major currencies, was down 0.3% at 101.65. The euro was up 0.2% at $1.0165.
The Chinese services sector expanded at the slowest pace for five months in June, data showed on Monday, adding to concerns about the country's economic slowdown. The data came ahead of the release of the Fed's minutes from its June meeting, which is expected to provide more clues about the central bank's plans for monetary policy.
The Fed is widely expected to raise interest rates by another 75 basis points at its meeting later this month. However, some investors are starting to question whether the Fed will be able to continue raising rates at such a rapid pace if the economy starts to slow down.
The dollar is likely to remain under pressure in the near term, as investors await more clarity on the Fed's plans and the outlook for the global economy.
Read the full article: reuters.com