Currencies Trade Narrowly Ahead of Five Central Bank Decisions

Major currencies traded in narrow ranges Monday as investors prepared for decisions from five central banks and a busy U.S. economic calendar. Falling oil prices and lower Treasury yields, which narrowed the yield gap between U.S. and other major economies, weighed on the dollar; easing regional tensions also helped pull oil back from a six-month high. The Federal Reserve, European Central Bank and Bank of Japan are widely expected to hold rates steady, while markets anticipate possible rate hikes from the Bank of Canada and Reserve Bank of New Zealand. Investors will also watch central bank guidance and U.S. inflation, consumer-confidence and jobs data for clues to the policy outlook.