The US dollar rose to a fresh 10-day high today, following yesterday's Fed meeting minutes, which showed confidence in rising inflation and the need for continued interest rate hikes, committing to its plan to raise it 3 times this year.
The dollar index rose against a basket of currencies to reach the level of 90.15, the highest since February 13. On the other hand, the euro fell to its lowest level against the dollar since February 12 at 1.2260 levels.
Also, the Sterling stabilized near its lowest level since February 14 at 1.3868, as markets convinced that Bank of England will raise interest rates next May. As the economy grew at a slower pace than expected in the last quarter of 2017, raising questions about the strength of the British economy before thinking of a rate hike.
The second reading of GDP rose by 0.4% on a quarterly basis, and by 1.4% on yearly basis, the weakest in more than five years. Overall, the UK economy grew by 1.7% in 2017, the weakest since 2012.
