Dollar makes minuscule gains as traders weigh rate paths ahead; yen fragile

Dollar drifts as traders weigh rate path; yen fragile

The dollar index , which measures the U.S. currency against six major rivals, rose just 0.029% to 102.31, not far from a one-month low of 102.00 it touched on Friday. U.S. markets are closed on Monday for a holiday.on Wednesday but hinted that further hikes were on the way to tame inflation.

"The Fed's hawkish hold means that the bar to a hike next month is low," said Marc Chandler, chief market strategist at Bannockburn Forex in New York. Chandler said the market seems sceptical of the Fed's forecast for two more hikes this year. Moh Siong Sim, a currency strategist at Bank of Singapore, said many investors believe that if the Fed hikes in July, the next hike would likely be in October or November and by then inflation could ease enough to not warrant another hike.

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