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The US dollar stagged a rally where Fed's stance is on Focus

By Rana Gharib
01 May,2023
The US dollar stagged a rally where Fed's stance is on Focus

The greenback kicked off the week with a surge on Monday, ahead of uncovering Fed's and ECB's stance regarding the interest rate hikes post their scheduled meetings for the week.

The dollar index that gauges the US dollar versus its major pairs ticked up by 0.2% at 101.570.

Focus is squared this week on Fed's meeting on Wednesday, that is projected to hike the interest rate by 25 bps. Marking it the 10th hike in a row from March 2022.

The European Central Bank meets this week as well, on Thursday, and officials are anticipated to approve another rate hike, but the extent of the increase is still uncertain.

EUR/USD dipped by 0.1% to 1.1006, given that the majority of Europe is celebrating Labor Day, activity is expected to be muted.

GBP/USD edged down by 0.2% to 1.2553, where a calm week is experienced in the UK.

JPY/USD nudged up by 0.5% to 136.94

 

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