Dollar index was stuck in a narrow range all-through last week. The index oscillated around 102 and has closed the week at 101.93, down marginally by 0.08 per cent. Last week’s candle indicates indecisiveness in the market.
Central bank meetings
This week is packed with a series of major central bank meetings. To start with, the US Federal Reserve’s meeting outcome is due on Wednesday. Market is expecting the Fed to increase the rates by 25 basis points. Any hint on the prospects of slowing down the pace of rate hikes will be negative for the greenback. The press conference of the Fed Chairman Jerome Powell will need a close watch.
Following the Fed meeting, the Bank of England (BoE) and the European Central Bank (ECB) are scheduled to announce their monetary policy on Thursday.
Mixed outlook
The dollar index (101.93) continues to remain mixed. The support at 101.50 is continuing to hold well. However, the index is not…
