The dollar weakened ahead of the Fed meeting. It has lost 2.5% since the end of March, while the Fed has repeatedly said that inflation accompanying the post-Covid recovery should only be temporary.
 
The greenback fell 2.5% from its 2021 highs, recorded at the end of March, against a basket of reference currencies. The Federal Reserve, which meets on Tuesday and Wednesday, is not expected to signal at this stage any tightening of its monetary policy, despite the strength of the ongoing economic recovery in the United States.

On Monday evening, the dollar index calculated by the ICE (Intercontinental Exchange), which measures its evolution against a basket composed of the euro, the pound sterling, the yen, the Canadian dollar, the Swiss franc and the Swedish krona, fell by 0.03% to 90.83 points against 93.25 pts on March 30 (-2.5%). The greenback is now up only 1% compared to the beginning of the year. For its part, the euro fell Monday night 0.06% to $ 1.2092 on the interbank market in New York.

In bond markets, the yield on the US 10-year T-Bond was 1.56% on Monday night and the "30-year" at 2.24%, up one basis point, from 1.76% and 2.49% respectively at their March highs.