The U.S. dollars continues to rise ahead of the Fed meeting
U.S. Dollar Index
The U.S. Dollar Index (DXY) rose by 0.33% on Monday, a day before the Federal Reserve's (Fed) two-day policy meeting.
Possible effects for traders:
Today, the DXY rose during the Asian session but remained below the important 102.50 level.
Today, the economic calendar is eventful. Eurozone's GDP figures and the U.S. Consumer Confidence at today will likely affect the U.S. dollar. Moreover, the key event will be tomorrow when the Fed announces its interest rates decision. The market expects an additional 25-basis-points (bps) hike. Investors will watch for any clues explaining how many more rate increases will be. Fed Chair Jerome Powell is in a 'difficult position' because 'they're going to raise rates 25 basis points and yet he's going to have to argue against the easing of financial conditions,' said a chief market strategist at Bannockburn Global Forex in New York Marc Chandler.
U.S. Dollar Index
The U.S. Dollar Index (DXY) rose by 0.33% on Monday, a day before the Federal Reserve's (Fed) two-day policy meeting.
Possible effects for traders:
Today, the DXY rose during the Asian session but remained below the important 102.50 level.
Today, the economic calendar is eventful. Eurozone's GDP figures and the U.S. Consumer Confidence at today will likely affect the U.S. dollar. Moreover, the key event will be tomorrow when the Fed announces its interest rates decision. The market expects an additional 25-basis-points (bps) hike. Investors will watch for any clues explaining how many more rate increases will be. Fed Chair Jerome Powell is in a 'difficult position' because 'they're going to raise rates 25 basis points and yet he's going to have to argue against the easing of financial conditions,' said a chief market strategist at Bannockburn Global Forex in New York Marc Chandler.