Dollar doldrums: Greenback could sink even further on Fed meeting

World Week Ahead: Eyes squarely on Fed

Excluding food and energy, 12-month core CPI held steady at 1.7 percent, the same increase seen every month since May.

Microsoft shares ended down 0.2 per cent, while Alphabet was off 0.6 per cent, with both stocks seeing a pickup in volume late in the day.

However, Carney also said that interest rates are likely to rise "over the coming months", reiterating what was said at the BoE's most recent policy meeting and had already pushed the pound broadly higher.

The Philippine Stock Exchange index, the 30-company benchmark, jumped 113 points, or 1.4 percent, to close at 8,294.14 Monday.

The Dow Jones industrial average rose 45.56 points, or 0.2 percent, to 22,376.91, the S&P 500 gained 3.12 points, or 0.12 percent, to 2,506.99 and the Nasdaq Composite added 7.22 points, or 0.11 percent, to 6,461.86.

The dollar traded narrowly around ¥111.50 in early trading, as a wait-and-see mood grew ahead of the Fed's decision at its two-day Federal Open Market Committee policy meeting through Wednesday.

Canada's benchmark stock index posted its highest closed in almost six weeks on Monday, led by gains for its heavyweight energy sector, while financials and industrials also gained ground.

While not expected to lift interest rates, remarks from the bank and its boss Janet Yellen will be pored over for clues about future moves and its plans to wind down its vast stimulus programme put in place during the financial crisis.

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He was referencing the US decision to arm the Kurdish YPG for the fight against ISIS in Syria, despite fierce protest by Turkey . The spat has prompted Germany to restrict its arms sales to Turkey .

"In the short run financials will benefit", said Chad Morganlander, portfolio manager at Washington Crossing Advisors, if the Fed action pushes long-term rates higher relative to short-term rates.

Prime Minister Shinzo Abe is considering calling a poll for as early as next month to take advantage of his improved approval ratings and disarray in the main opposition party, according to government and ruling party sources.

South Korean shares dipped 0.1 percent, against a backdrop of caution ahead of the Fed meeting as well as continuing tensions on the Korean peninsula.

Gold traders and analysts surveyed by Bloomberg turned bearish for the first time in 13 weeks as dollar recovers and US stocks reached record highs.

How the Fed will respond will be closely watched by market participants.

CPI rose 0.4 percent last month, and the index for the latest 12 months accelerated to 1.9 percent. The oil refineries in the Gulf of Mexico are restoring their activities after Harvey and Irma hit the hurricanes in the last few weeks.

USA crude futures CLc1 were down 54 cents at $49.35, while Brent crude futures LCOc1 were 65 cents lower at $54.97. The S&P 500 traded above a record level of 2,500 and set a new high for its second day in a row, while the Dow settled at a record for the fifth day. Brent crude slipped 0.1 percent to $55.42, not far from an nearly five-month high of $55.99 marked on Thursday.