The dollar held close to last week's seven-week low against the euro on Monday as expectations lingered the Federal Reserve might be close to ending a series of interest rate hikes which started in June 2004. High-yielding New Zealand and Australian dollars extended recent losses, falling as much as 1.6 percent as expectations grew for weak economic data and a possible interest rate cut in New Zealand, providing some relief for the U.S. currency. Investors are now waiting for speeches from Federal Reserve officials, including Chairman Ben Bernanke, for clues on how much more the central bank will raise rates after an expected 25 basis point hike next week. "The market is focused on the Fed's tightening cycle. We seem to be at the end of the cycle and as soon as we know that there would be no more rate hikes in the pipeline, the dollar will come under pressure," said Marios Maratheftis, currency strategist at Standard Chartered. The dollar had fallen to $1.2197 , close to the seven-week low of $1.2207 hit last week, before trimming losses to $1.2170 by 1235 GMT. Earlier on Monday, ECB President Jean-Claude Trichet said the central bank was doing everything it could to keep inflation in check. "Trichet was hawkish and it is clear the ECB is not finished with rate hikes," Maratheftis said. Fed chief Bernanke is due to speak on the yield curve and monetary policy at 0000 GMT. Other Fed speakers due on Monday include Boston Fed president Cathy Minehan at 1600 GMT and San Francisco Fed president Janet Yellen at 1710. The dollar was slightly up at 116.07 yen , after hitting a two-week low of 115.67 yen marked on Friday.