(CNBC) — U.S. stocks closed more than 1 percent higher on Monday as investors cheered a pause in the dollar rally and eyed renewed weakness in oil prices ahead of Wednesday's key Fed meeting.
"The markets are focused on currencies. The dollar is down against the euro," said Peter Boockvar, chief market analyst at The Lindsey Group. "Markets are just awaiting what we see on Wednesday."
The U.S. dollar index fell nearly 1 percent on Monday to trade below 100. The index gained nearly 3 percent in the last week as the euro dipped to 12-year lows below $1.05.
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