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The dollar index reacted slightly bearishly to the Federal Reserve Chairman’s hawkish statement about ending the pandemic era and increasing the interest rate three times by next year.
As a result of this statement from Jerome Powell, the US dollar touched the 96.1 support level on Thursday morning, falling for a second consecutive session as its appeal weakened.
The Federal Reserve took cognizance of accessing its monetary intervention policies amid low unemployment and high inflation.
According to reports from trading economics, the Bank of England (BoE) unexpectedly hiked its bank rate to 0.25%, citing mounting inflationary pressures.
In contrast, the ECB is also likely to signal that it will keep buying bonds throughout the year in an attempt to rule out any rate hike in 2022.
Analysts at Trading Economics expect the United States dollar to trade at 96.06 by the end of this quarter.
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