SINGAPORE The US dollar began the last trading week of the month on the back foot, with traders awaiting a slew of central bank meetings in May for clues on when the steepest global monetary policy tightening campaign in years might come to a halt. Top of investors' minds will be next week's FOMC meeting, where Federal Reserve policymakers are widely expected to raise rates by another 25 basis points, though focus will be on the guidance for the future rate path. While recent economic data have pointed to slowing US growth, parts of the economy continue to show resilience while inflation remains sticky, leaving traders debating the scale of rate cuts expected as early as July through to the end of the year.

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