On Monday, the U.S. dollar experienced an uptick against its major counterparts, driven by expectations that the Federal Reserve will announce more modest interest rate cuts in the upcoming months, moving away from prior anticipations of a 50-basis point reduction.
Market participants are bracing for an array of speeches from Fed officials alongside significant economic data releases, not to mention the European Central Bank’s monetary policy decision scheduled for later this week.
The dollar index surged to a 10-week high, achieving gains against the majority of its major counterparts. It peaked at 103.36 before slightly retreating; however, it remained robust at 103.20, marking an increase of approximately 0.3%.
Against the Euro, the dollar appreciated to 1.0908 from 1.0939. In relation to Pound Sterling, the dollar saw a slight rise to 1.3061.
The dollar also gained strength against the Japanese yen, trading at 149.74 yen per unit, approximately 0.4% higher than the previous closing of 149.14 yen. In the case of the Australian dollar, it rose to 0.6725 from 0.6751.
Additionally, the dollar advanced against the Swiss franc to CHF 0.8625 from CHF 0.8572, and against the Canadian dollar, it moved up to C$ 1.3795 a unit, up from the previous close of C$ 1.3764.
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