Dollar Climbs As Fed Expected to Increase Interest Rates
0At the beginning of a week full with data releases and central bank rate setting meetings, including those by the Bank of England and the Federal Reserve, the dollar increased on Monday, reclaiming some of the territory it had lost earlier in the month. Sterling dropped 0.56% to £1.1549, the euro dropped 0.5% to $0.9919, while the dollar gained 0.57% versus the Japanese yen. The dollar is expected to have its first monthly fall since May and just the second one of the year in October. Later on Monday, the specifics of the Japanese Ministry of Finance's action as well as flash GDP and inflation figures for the euro zone are forthcoming.
After the FOMC meeting on Wednesday, the Fed is anticipated to announce a further 75 basis point (bp) rate increase. In an effort to control the rapidly rising inflation, the European Central Bank increased rates by 75 basis points last week. The Chinese yuan plummeted as statistics revealed that manufacturing activity in China unexpectedly decreased in October as a result of weakening international demand and harsh local restrictions.
Source: https://www.cnbc.com/2022/10/31/forex-markets-dollar-fed-interest-rates-inflation-japan-yen.html
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