The dollar is strong against a basket of currencies, still benefitting from its status as a ‘safe-haven’ currency amid worries over the global economy and news that Russia has cut gas supplies to Poland and Bulgaria.
GDP figures will be released for the US today, with the economy expected to have grown by 1.1% in the first quarter of this year. This is a slowdown from the 6.9% growth seen in the last quarter of 2021.
The Federal Reserve will hold its May monetary policy meeting next week and the markets will be listening for any announcements surrounding interest rates and monetary policy.
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