The US dollar has continued its upward trend in today’s session and is being supported by expectations that the Federal Reserve will raise interest rates at the next meeting, by the economic slowdown and geopolitical tensions.
Positive data on employment in the US has increased expectations that the US central bank will tighten monetary policy again to fight high inflation. By 2023, analysts predict that interest rates will be at their highest level in decades.
In terms of geopolitical tensions, Russia has continued its missile attacks on Ukrainian cities on Monday as well, in retaliation for the collapse of the bridge in Crimea, which was annexed by Russia in 2014.
The index that measures the performance of the US dollar against six major international currencies is standing at over 113, the highest level in the last 20 years. In the cryptocurrency market, bitcoin is trading at around $19,000, while ethereum is trading at around $1,280.