However, the U.S. dollar pulled away from near a nine-month low to the euro and a seven-month trough to sterling as traders braced for a critical week when the central banks responsible for all three currencies will meet.in Japan's capital accelerated to a nearly 42-year peak this month, piling pressure on the BOJ to step away from stimulus.
"Market expectations for changes at any time , including the next meeting in March, will remain high, and that will keep the yen bid," said Shinichiro Kadota, a strategist at Barclays in Tokyo, who saw a possibility of the dollar-yen pair breaking below 125. Traders broadly expect the Fed to increase interest rates by 25 basis points on Wednesday, a step down from a 50 bps increase in December . Meanwhile, the ECB has all but committed to raising its key rate by half a percentage point the following day.
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