The markets are awaiting the Feds monetary policies later this week and whether there would be any indication of a future rate hike, as demand for the dollar on Monday saw it making gains. The US dollar index which measures the greenback against six major currencies was at its highest since March 15 trading at 101.17. The disappointing US employment data released on Friday had no impact on investor’s views as to whether there would be a rate hike. Data released by the Labour Department said that the slowdown was because of the winter storms and flooding which saw a slowdown in hiring with only 98,000 jobs being added.
According to William Dudley New York Fed President, plans to trim the balance sheet which is at $4.5 trillion, would only create a ‘small pause’ in their rate hike plans. Analysts put the odds at 62 percent that there will be a rate hike in June, which the Fed is expected to announce on May 3.
Geopolitical tensions following the US air strike on Syria airbase has left investors wary, especially after Rex Tillerson, US Secretary of State said that it is a warning to other nations – following the testing of more missiles from North Korea and rising tensions.
The USD/JPY gained against the yen 0.27 percent to 111.39
The EUR/USD fell to 1.0573 to a one month low based on political uncertainties of the upcoming French presidential election which is to be held later this month.
The Australian Dollar AUD/USD fell overnight to 0.7490
The pound sterling GBP/USD gained 0.22 percent to 1.2393
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