The dollar fought for traction against the yen as the prospect of a Federal Reserve interest rate cut later in the month continued to keep the greenback on the defensive. The U.S. currency rose to a six-week high of 108.990 yen last week but slid after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month by giving a sombre outlook on the world\'s largest economy. The pound struggled near a six-month low against the dollar in early trading today, hampered by persistent worries over Brexit that, in turn, weighed on the euro. The Euro was little changed at $1.1251 after shedding 0.1% the previous day, constrained by expectations for a dovish European Central Bank meeting next week. Oil prices rallied more than 19% off the June lows before failing at a key resistance last week and leaves the recent advance in a precarious position heading into the start of the week. Also, Citigroup earnings foreshadow disappointing season for banks. The Indian Rupee opened marginally weaker at 69.56/57 against its previous session’s close of 68.5350/5450 and is expected to trade between 68.40 - 68.70 ranges today.
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