Last week, US Dollar rose after the release of the minutes of the Fed March meeting, which showed many participants were prepared to raise interest rates in 50-basis-point increments in coming months to combat inflation.
FOMC minutes showed the policymakers have laid out a plan to shrink their balance sheet by more than $1 trillion a year, and also indicated that many viewed one or more half-point increases as possibly appropriate going forward if price pressures fail to moderate.
Fears of a new Russian offensive in eastern Ukraine are growing, with Ukraine Foreign Minister Dmytro Kuleba calling for Western countries to provide his country with more sophisticated weapons at a meeting with North Atlantic Treaty Organization counterparts in Brussels on Thursday.
In the upcoming week, the U.S. consumer price index will release Tuesday. U.S. data is expected to show that CPI rose by an annualized 8.5% in March.
The US Commerce Department will report October retail sales numbers on Thursday. Economists predict that retail sales rose by 0.6% last month. On the other hand, Core retail sales, which exclude autos, are expected to have risen by 0.9%. A higher-than-expected reading should be taken as positive for the greenback.
In the Eurozone area, all eyes will be on the ECB meeting. The European Central Bank will announce its rate decision and forward guidance on Thursday
11 Apr 22 (Mon)