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The dollar rose on Monday, near a three-week high, holding up the gains recorded last week after the release of strong U.S. employment data. Strong U.S. employment data have weakened expectations that the Federal Reserve will slash interest rates by the end of July.
Traders wait for Federal Reserve Chairman Powell to testify on Wednesday in the two-day U.S. Congress in search of clues to interest rate cuts.
"The foreign exchange market opened quietly this week, with exchange rates fluctuating in a narrow range, and traders turned their attention from Friday's strong U.S. employment data to Fed Chairman Powell's testimony," said Ellis Phifer, senior market strategist at Raymond James.
In emerging market currencies, the Turkish lira plunged after President Erdogan dismissed the post of central bank president, raising concerns about the independence of the central bank.
Data released on Friday showed that non-farm job growth in the United States rebounded strongly to 224,000 in June, a five-month high, better than the 160,000 expected by analysts.
This strong data performance virtually eliminated the possibility that the Fed would cut interest rates by 50 basis points at the end of July, but other data suggest that the economy is losing momentum, which may still prompt the Fed to cut interest rates by 25 basis points.


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