The dollar inched up against the yen and held near a four-week high against the euro on Monday ahead of meetings of the Bank of Japan and U.S. Federal Reserve which investors on balance expect to be dollar-positive.

Alone among the major global central banks, the Fed has some good economic news to discuss after improved data signals and a bounce in jobs numbers for June.

“The macroeconomic outlook is 100 per cent focused on the Fed and the BOJ. Of the two there are positioning expectations more clearly built into the BOJ,” said Richard Cochinos, a strategist with Citi in London.