Dollar eyes monthly gain as markets look to Fed

A Japanese 10,000 yen and a U.S. 100 dollar banknote juxtaposed against each other in Tokyo, Japan, on Monday, June 20, 2016.

Tomohiro Ohsumi | Bloomberg | Getty Images

The dollar headed for its biggest monthly gain since September and the yen for its sharpest drop in nearly a year on Wednesday, as traders waited on a U.S. rates decision to round out January.

The dollar has gained 2% against a basket of major currencies this month as markets dialed back expectations on the speed and scale of rate cuts in the face of strong U.S. economic data and pushback from central bankers.

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