US dollar versus Swiss franc started higher than the high of three days ago (Friday’s high) 0.9350 as traders have begun applying the effect of a narrowing policy by the Fed in its monetary policy gathering that held during last Wednesday.
Stimulating Factors and Their Implications
Traders are expecting the proclamation of the monetary policy by the Federal Reserve System Chairperson (Jerome Powell). His account proclaimed the likelihood of a 25bps in interest rate increase during the next policy proclamation. Nevertheless, the latest release of the US CPI (Consumer Price Index) which was 7.9percent isn’t yet used in the method of deriving the interest rate. Furthermore, the US Consumer Price Index release of 7.9percent is unaffected by the fluctuating price of commodities. So, it is good to put aside the Powell account which orders a 25bps interest rate increase.
At the same time, the US dollar index (DXY) is gliding near 99.00 as traders are expecting an impulse move in the market’s feeling. The news from the struggle between Russia and Ukraine during the weekend was unable to affect the price action. Consequently, traders will be paying larger attention to the monetary policy from the Federal Reserve System.
Though impulses from the struggle between Russia and Ukraine and the Feds policy report carries relative importance, traders are also occupied by Wednesday’s Retail Sales from the US.
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