The USD tried to stay near a 5-month high on Tuesday as investors were looking forward to the results of the Federal Reserve meeting. The dollar index, which measures the strength of the dollar against 6 other major currencies, rose 0.04% to 93.50 points. The Federal Reserve will release the latest minutes of the monetary policy meeting on Wednesday. Investors will surely keep an eye on for any sign of tightening monetary policy.<\/p>\n
The recent increase in bond yields, combined with positive economic data and rising inflation, has fueled expectations that the Federal Reserve will raise interest rates and tighten monetary policy. The Board raised interest rates last March and is expected to raise interest rates two more times, with some investors expecting a third increase. Expectations of higher interest rates tend to strengthen the dollar by making it more attractive to investors seeking returns.<\/p>\n
Investors are also looking forward to the speech of Federal Reserve Chairman Jerome Powell, who will attend a panel discussion on “Financial Stability and Central Bank Transparency” at the Sveriges Riskbank Conference in Stockholm, Sweden on Friday.<\/p>\n
The USD\/JPY pair rose by 0.01%, trading at 111.06 yen per dollar. Meanwhile, the euro fell against the dollar, amid political uncertainty in Italy. The EUR \/ USD pair fell 0.10%, reaching 1.1779 dollars per euro.<\/p>\n
The British pound rose slightly against the US dollar after Bank of England Governor Mark Carney reiterated the banks’ decision not to increase interest rates. The pound rose against the dollar by 0.01% and the pair is trading at $1.3426 per pound.<\/p>\n","protected":false},"excerpt":{"rendered":"
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