The dollar index, which tracks the greenback against a basket of six rival currencies, held steady at 95.574, not far from a two-month high of 95.968 and up nearly 2.7 percent for the month.
The dollar was roughly flat against the yen in rangebound Asian trade as investors took a wait-and-see approach ahead of a string of U.S. data for more clues on the Federal Reserve’s next move.
The greenback has gained momentum since Fed Chairwoman Janet Yellen signaled Friday that an interest-rate increase was likely to come soon.
However, the U.S. currency is struggling to go higher, said FPG Securities Chief Executive Koji Fukaya, “as investors want to make moves after seeing U.S. economic data.”
Crude oil prices mixed as traders await China data, OPEC meeting
Oil prices were mixed today as investors awaited manufacturing data from China ahead of an OPEC meeting on production caps.
Moves in crude oil futures were limited ahead of Thursday's meeting of the Organization of the Petroleum Exporting Countries. Most analysts did not expect any changes in the group's production.
China is the world’s largest energy consumer so any indication of how its economy is performing acts as a key driver for oil prices.
Oil prices had dipped yesterday after comments from the US central bank head Janet Yellen suggested interest rates could rise soon if the world’s top economy continues to improve.
The expectation of a US rate rise pushed up the greenback, hurting dollar-denominated oil by making it more expensive for buyers with weaker currencies.
Brent crude futures were steady at $49.73 a barrel, poised for a gain of 3.3 percent for the month.
Reference: Reuters, MarketWatch, Business
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