The U.S. dollar pulled back against the euro and British pound Monday, with analysts suggesting a small consolidation after a rally last week and ahead of the Federal Reserve policy meeting on Wednesday.

The greenback weakened sharply against resources currencies largely thanks to a jump in oil prices that benefited currencies of countries that export commodities.

The focus for investors is on the Federal Open Market Committee meeting that ends Wednesday, during which the U.S. central bank is expected to raise rates. The dollar has surged since the U.S. election amid expectations that bigger fiscal deficits under a Trump administration would lead to a more aggressive tightening of monetary policy by the Fed.
The ICE Dollar index DXY, +0.14% which measures the greenback against a basket of major rivals, fell 0.6% to 100.97 late Monday in New York from 101.59 late Friday in New York.