The greenback inched up on the starting session of 2024 as eyes are on slew of economic figures scheduled to release during the week that shall give hints on Fed’s upcoming stance.

The dollar index that gauges the greenback versus its major pairs dipped 0.35% at 141.36 per dollar, having plunged by 7% in 2023.

Based on CME FedWatch tool, markets are currently pricing in an 86% possibility of interest rate decreases from the Fed, which are expected to kick off in March.

The emphasis now shifts to a list of economic data that is anticipated this week, such as nonfarm payrolls and job opening data. Thursday's release of the minutes from the most recent Fed meeting in December is expected to shed light on the central bankers' considerations for rate reductions this year.

EUR/USD dipped 0.13% to $1.103, down from five-month high of $1.11395 it reached the previous week. The single currency saw its first annual increase since 2020 last year, rising by 3%.

GBP/USD added 0.05% at $1.2729 on the day, having recorded a 5% rise last year, its best result since 2017. However, a repeat performance seems improbable given the deteriorating economy and the unpredictability of the elections.

The Japanes Yen dipped 0.35% at 141.36 per dollar, having dropped 7% the previous year.