The dollar is slightly stronger against the euro and a basket of currencies this morning. This is due to anticipation for the Federal Reserve’s interest rate decision, which will take place on Wednesday, as well as rising tensions in Ukraine.
As a ‘safe haven’ currency, the dollar tends to strengthen during times of crisis, which is why it has been helped this morning by the situation in Ukraine. The US has ordered relatives of embassy staff to leave Ukraine and has warned people not to travel there amid rising tensions. However, Russia still denies that it has plans for military action.
There will be a series of data releases for the US this week, however the event to watch out for will be the Federal Reserve’s interest rate decision on Wednesday. This will be followed by a press conference with Fed Chair Jerome Powell.
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