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The Bank of Japan (BOJ) has raised interest rates and unveiled a strategy to reduce its bond purchases, setting a new short-term rate target of 0.25%.

The dollar index rose on Monday as the market braced for a high-risk week filled with major central bank decisions and key data releases.

On Friday, the dollar slipped against most major currencies after U.S. PCE inflation data reinforced expectations for Fed rate cuts by September and potentially three times this year.

The dollar index eased slightly in a mixed session on Thursday, struggling to maintain momentum despite better-than-expected U.S. GDP data and a significant drop in initial jobless claims.

The dollar index eased slightly on Wednesday, influenced by a significant rise in the yen as markets adopted a safe-haven stance ahead of crucial economic data releases and the upcoming Bank of Japan (BoJ) meeting.

On Tuesday, the dollar index rose modestly, but the yen gained significant attention as market participants adjusted positions ahead of the upcoming Bank of Japan (BoJ) meeting and in anticipation of key U.S. inflation data on Friday.

The dollar index edged higher on a mixed trading day as the forex market digested rate cuts in China and a significant political development in the U.S.

On Friday, the dollar strengthened, rebounding from recent lows amid confusion caused by a widespread tech outage affecting various industries, including travel and finance.

On Thursday, the dollar regained strength after recent declines as the European Central Bank (ECB) maintained steady interest rates, sustaining market expectations for a potential rate cut in September.

The dollar experienced a decline on Wednesday as traders grew cautious due to a significant rise in the yen and statements from Federal Reserve officials hinting at a potential rate cut in September.