The dollar surged by almost 1% against the euro yesterday following growing tensions between Russia and the eurozone.
Yesterday was the start of the two-day FOMC meeting in which the Federal Reserve will culminate today with its next interest rate decision. A hike of 75 basis points, bringing the US interest rate to 2.50%, is expected. Any surprises could rock the dollar.
In addition, US consumer confidence continues to plummet due to interest rate hikes and the rapidly increasing cost of living – this downward pattern in consumer confidence could continue with the release of the Federal Reserve’s interest rate decision.
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