SINGAPORE - The dollar crumbled on Monday as cracks in the US economic recovery drove investors away from the world's reserve currency as they increased bets the Federal Reserve could flag another accommodative shift in its outlook this week.
The US central bank could firm recent hints about the benefits of an average inflation target, which would allow rates to stay lower for longer. The pound was last at US$1.2842, the Aussie sat at US$0.7134 and the kiwi at US$0.6675, a fraction below its highest since January. China said it had taken over the premises of the US consulate in Chengdu on Monday after ordering the facility shut in retaliation for being ousted from its consulate in Houston.
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