Asian session review: US dollar fell slightly against the major currencies

The US dollar fell slightly against the euro, while the pound fell against all major currencies on growing expectations of an interest rate cut by the Bank of England next week. China's yuan edged 0.16% higher to a fresh six-month top, while the Australian and New Zealand dollars also edged ahead. However caution remained as investors look to Australian jobs data due on Thursday for a crucial clue to the next move for Australian interest rates.

Moves were slight and volumes thin as Chinese New Year approaches in Asia and with U.S. markets closed for Martin Luther King day on Monday.

This week, traders will focus on meetings of the Bank of Japan and the European Central Bank (ECB).

The Bank of Japan will probably not change its monetary policy settings at the January 20-21 meeting, but it may slightly improve the economic Outlook for the current fiscal year, taking into account the stimulus measures announced at the end of last year.

Economists also do not expect a change in policy by the European Central Bank, but will wait for information about the" strategic review " of policy, which was previously mentioned by ECB President Christine Lagarde.