NEW YORK (Reuters) - The U.S. dollar rose from its lowest in more than a year and U.S. Treasury yields climbed on Monday as investors braced for news from this week’s U.S. central bank meeting and possible hints on when the next interest rate hike is coming.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 19, 2017. REUTERS/Brendan McDermid

The Nasdaq hit a record high ahead of a big week of technology earnings reports, though stocks on global markets were mostly lower. [.N/C]

Developments in Washington, weak U.S. economic data and reduced inflation expectations have weighed on the dollar for much of the month.

The dollar index was last trading 0.2 percent higher at 94.002.

Many analysts and investors expect the Federal Reserve to say it will begin reducing its bond portfolio at its September meeting, but will await firmer indications on the timing of this effort at this week’s two-day meeting, which begins Tuesday.

Further U.S. rate hikes are not seen as likely until December. Futures traders are pricing in a 47-percent chance that the Fed will raise rates at its December meeting, according to the CME Group’s FedWatch Tool.

“The Fed is not expected to do anything as far as changing rates, but ... if they get into the details about shrinking the balance sheet, that would be interesting to a lot of people,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Benchmark 10-year notes were last down 7/32 in price to yield 2.26 percent, up from 2.23 percent on Friday. Yields have fallen from 2.40 percent on July 7. Treasuries have rallied in the past two weeks on what analysts said are mainly technical factors.

Data this week includes U.S. gross domestic product for the second quarter which is due on Friday.

This week also is expected to be the busiest for U.S. corporate results this reporting period.

After the market closed, shares of Google parent Alphabet, one of the high-flying “FANG” stocks, traded down 2.2 percent following the company’s quarterly report and dragged on Nasdaq 100 futures.

“The tech sector is the leading sector so far this year,” said John Augustine, chief investment officer at Huntington Bank in Columbus, Ohio. “It’s going to be important that those FANG stocks set a positive tone and give positive guidance.”

The Dow Jones Industrial Average fell 66.9 points, or 0.31 percent, to close at 21,513.17, the S&P 500 lost 2.63 points, or 0.11 percent, to 2,469.91, while the Nasdaq Composite added 23.05 points, or 0.36 percent, to 6,410.81.

MSCI’s index of stock markets across the world was down 0.1 percent, while European shares ended down 0.2 percent.

Oil rose after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut.

September Brent crude futures gained 54 cents to settle at $48.60 a barrel, while NYMEX crude for September delivery rose 57 cents to settle at $46.34.

Gold prices pared early gains to be near flat ahead of the Fed meeting. Spot gold was nearly unchanged at $1,254.45 an ounce, having touched $1,258.79, its highest since June 23.