Dollar stalls as Fed rate hike expectations fade

London

THE dollar stalled near an almost three-week low against a basket of major currencies on Monday ahead of this week's Federal Reserve meeting, as investors bet interest rates would be kept at their record lows until at least December.

The greenback has struggled since hitting 12-year highs in March, as rate hike expectations have been pushed back. Though some in the market still think the Fed could act this week, the view that faltering global growth could push that back to the end of the year - or even into 2016 - is gathering steam.