USD rises ahead of Fed meeting

The U.S. dollar strengthened against most major currencies on Monday as investors were awaiting the Federal Reserve's policy meeting slated for Tuesday.

The greenback gained against most major currencies as the market follows closely the two-day Fed meeting for more clues about when the central bank would raise interest rates. The dollar index, which tracks the greenback against six major currencies, was up 0.04 percent at 94.803 in late trading.

The euro pared losses against the U.S. dollar after going down to a 11-year low against the dollar on news that Greece's anti- bailout Syriza party has won Sunday's national elections.

According to analysts, the new government would be placed under pressure in the coming weeks and months from Greece's international lenders, as Syriza party leader Alexis Tsipras has pledged to reverse austerity and reform measures to push for a new write-off of part of the country's sovereign debt.

In late New York trading, the euro rose to 1.1266 dollars from 1.1248 dollars in the previous session, and the British pound increased to 1.5077 dollars from 1.5018 dollars. The Australian dollar went down to 0.7918 dollar from 0.7929 dollar. The U.S. dollar bought 118.47 Japanese yen, higher than 117.74 yen of the previous session. The greenback went up to 0.9004 Swiss franc from 0.8767 Swiss franc, and moved up to 1.2455 Canadian dollars from 1.2424 Canadian dollars.