The dollar rises to its highest level in two weeks as...

The dollar rose to a two-week high against a basket of major currencies on Monday, while expectations are growing that the Fed may cut its asset purchases sooner rather than later despite a jump in Covid-19 infections.

The dollar index rose earlier to 92.887, its highest level since August 27. It was traded in late trading, up 0.1% at 92.707.

The market is awaiting a package of US economic data this week, starting with US consumer price data on Tuesday, which will provide an overview of the economy’s progress ahead of the Fed meeting next week.

The euro was among the currencies that fell against the greenback with its decline to 1.1770 dollars, its lowest level in about two weeks, after the European Central Bank said last week that it would start reducing its emergency bond purchase program.

And the European currency was trading in late trading, down 0.1 percent at 1.1799 dollars.

Against the Japanese currency, the dollar settled at 109.95 yen.

In the cryptocurrency market, Bitcoin fell 3.1% to $44,567.

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