The greenback goes up to a few days of central bank meetings, including the US Federal Reserve (Fed). On Monday, October 31, 2022, the dollar was up against the euro and other currencies on Monday.

Around 10:20 GMT (11:20 in Paris), the greenback gained 0.31% to 0.9935 dollars for one euro. The Fed, which will meet on Tuesday and Wednesday, is expected to continue its steep rate hikes but may indicate when it intends to start slowing down. However, for several sessions, the greenback had fallen again because the market now expects this to be the last increase of this magnitude.

Currency traders will be watching other central bank meetings: the Reserve Bank of Australia (RBA) could waver between a rise of 0.25 and 0.5 points on Tuesday.

The South African rand weakened as investors maintained a cautious position ahead of the much-anticipated political meeting of the Amé Federal Reserve Ricaine this week. At 06:46 GMT, the rand was trading at 18.2425 against the dollar, 0.51% lower than its previous close.

On the same footing as the rand, the Chinese yuan is on track to experience its longest series of monthly losses since 1994. The persistent weakness of the yuan reflects a stronger dollar, which has been supported by the rapid tightening of the Federal Reserve, widening interest rate differentials between the world's two largest economies, and a domestic economic slowdown.

On the spot market, the onshore yuan opened at 7.2560 per dollar and changed hands at 7.2630 at midday, 130 pips lower than the previous end-of-year close of session. If the yuan held on to all its losses at the end of the evening, it would have fallen by around 2% against the dollar for the month, marking the eighth consecutive month of loss. The local currency has fallen by 12.5% since the start of the year, on track to achieve the worst annual performance since 1994.

At midday, the World Dollar Index fell to 110,728 from the previous close of 110,752, while the offshore yuan traded at 7.277 per dollar.