The dollar was mostly lower in N.Y. trade on Monday, though ranges overall were narrow. The FX market is liable to consolidate ahead of Wednesday's FOMC announcement, where a 25 basis point hike is expected. The dollar's fortunes will likely be determined by how the Fed's statement addresses the speed of further rate hikes. A dovish statement could well sink the greenback for a while. There was no U.S. data on Monday, and equities and yields meandered in relatively narrow ranges.
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