The dollar held steady against a basket of major currencies on Monday, as investors braced for the Federal Reserve’s policy meeting later in the week. Market participants are eager to assess the central bank’s stance on further tapering of its asset purchase program.

The dollar index, which measures the greenback against six major currencies, was trading at 80.75, little changed from its previous close.

Analysts expect the Fed to continue reducing its monthly bond purchases by another $10 billion, citing recent improvements in the labor market. However, some are concerned about the potential impact of emerging market turmoil on the U.S. economy.

“The Fed is widely expected to announce another cut to its asset purchases, but the focus will be on the accompanying statement and any hints about future policy,” said a currency strategist at a major bank.

Economic data releases this week, including the U.S. jobs report, will also be closely watched for clues about the strength of the economy.

The euro was trading at $1.3670, while the yen was at 102.50 per dollar.

Commodity currencies, such as the Australian and Canadian dollars, were also little changed against the greenback.