USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
Heads up to the FOMC statement
The Federal Open Market Committee will make its statement and announce the official rate on June 19, at 21:00 MT time.
Despite the demands by US President Donald Trump to cut the interest rate, no changes to it are expected. Now, policymakers keep the interest rate at 2.5%. However, we may find out the hints on the possibility of a rate cut later this year. Wednesday’s statement will show how the US-China trade war and recent weaker economic data affect the Fed decisions.
• If the Fed is hawkish, the USD will go up;
• If the Fed is dovish, the USD will go down.
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Strong USD on Tuesday
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
Will the USD grow with the US labor market?
The US unemployment claims are out on Thursday at 15:30 MT time.
Latest news
USD starts the week with gains
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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