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The greenback staged a rally ahead of Fed's policy meeting

By Rana Gharib
31 Jan,2024
The greenback staged a rally ahead of Fed's policy meeting

The US dollar advanced on Wednesday, on course for touching monthly peak not seen since September 2023, on the other hand the yen encountered the steepest dip in a year as traders anticipate the central bank’s stance for the interest rate.

The dollar index that gauges the greenback versus its major pairs added 2.1% during the month as traders hopes for early interest rate cut were hampered in light of the recent dovish central bankers and robust economic indicators.

It is quite projected that interest rate will mute as Fed will likely keep it steady on Wednesday.

A slowdown in Germany would support market views that European policymakers may begin rate reduction earlier than the ECB has indicated, and it would also portend the same in euro zone statistics that are expected on Thursday.

EUR/USD dipped 0.1% at $1.0838.

GBP/USD slid at $1.2684 ahead of BOE’S policy meeting scheduled on Thursday and rates are projected to steady.

The yen dropped versus the dollar by 4.5% and was on course for the biggest monthly slump.

 

 

 

 

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