After climbing against a basket of currencies on Tuesday, the dollar has settled at a strong level today ahead of the conclusion of the Federal Reserve’s meeting.
The Federal Reserve are expected to hike interest rates by 75 basis points to tackle high inflation. The markets will be listening for any comments from Fed Chair, Jerome Powell, at the press conference following the announcement.
A slew of economic data will be released before the announcement, including retail sales figures for May. The figure is expected to fall slightly month-on-month to 0.2%, compared with 0.9% in April.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541.
