U.S. dollar drops amid speculations over Fed's waning monetary tightening

The Dow rallied following Fed Chairman Jerome Powell’s comment that there was no “preset path” toward raising interest rates

The dollar slipped against peers on Monday, as traders placed bearish bets due to rising expectations that the Federal Reserve would put its policy tightening on pause in 2019.

The greenback, meanwhile, is on the decline against most currencies, falling to a more than two-month low on Monday on signs the Federal Reserve may pause interest-rate increases.

On Friday, Fed Chairman Jerome Powell told the American Economic Association that the US central bank is not on a preset path of interest rate hikes and that it will be sensitive to the downside risks markets are pricing in. It dipped 0.1 per cent against the yen and eased marginally versus the euro and sterling in early Asian trade.

Among other precious metals, silver was little changed at $15.79 per ounce, while platinum rose 0.33% to $830, having touched a more than one-month high of $831.10 earlier in the session.

The pan-continental Stoxx Europe 600 fell 0.1% in opening trade.

"The newsflow we have seen since Friday has lifted sentiment", said Michael McCarthy, chief markets strategist at CMC Markets in Sydney.

He warned, however, that there is continued uncertainty about global growth, trade talks between the United States and China and USA monetary policy.

"And particularly with muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves", he noted.

Global foreign exchange market embraced the first day of the week with bumpy trading as fewer interest rate hikes later would lead to more hot money flowing in the market.

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Expectations of no further rate hikes this year is likely to keep the greenback under pressure. On Monday's market closure, the American dollar had plunged against all of the seven major currencies, while Euro posted a gain of 0.71 percent against American dollar and the GBP rose 0.31 percent.

Chinese stocks firmed after the country's central bank announced an easing in policy on Friday, with 100 basis points of cuts to bank reserve requirements freeing up around $116 billion for new lending.

US officials are meeting their counterparts in Beijing this week for the first face-to-face talks since US President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global markets.

A further step by China's central bank late Friday to secure liquidity to the slowing economy may also help assuage concerns.

Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 U.S. jobs were created in December, tempering recent concerns about growth.

Goldman Sachs researchers expect a bounce in equity markets in 2019.

Brent crude futures were at $57.61 per barrel at 0111 GMT, up 55 cents, or 1 percent, from their last close. South Korea's Kospi climbed 1.3%, Australia's S&P/ASX 200 benchmark rose 1.1% and Hong Kong's Hang Seng Index rose 0.8%.

Spot palladium hit a record high at $1,313.24 per ounce on Monday and was trading at a premium to gold.

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