The dollar ticked higher on Tuesday ahead of a raft of central bank decisions but remained on track for its fourth consecutive monthly loss.
The Federal Reserve will set interest rates on Wednesday, followed by the European Central Bank and Bank of England on Thursday.
It was "likely some profit-taking ahead of the key event risks just ahead," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. Analysts also said investors were likely rebalancing their portfolios at the end of the month. Yet it was down around 0.9% for January as a whole. That meant it was set for its fourth monthly drop, having fallen around 11% since hitting a 20-year peak in late September.
A busy week for markets continued on Tuesday as investors awaited fourth-quarter economic figures for the euro zone. Data on Monday showed Germany's economyto raise interest rates by 25 basis points , its smallest increase since March 2022, to a range of 4.5% to 4.75%.
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