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On Thursday, the dollar maintained a steady position, close to a six-week peak, as investors waited for key economic data, including the first reading of the US Gross Domestic Product (GDP) for the fourth quarter which is expected to reveal a 2% annualized growth.
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On Tuesday, the US dollar's rally halted as traders reassessed their expectations for potential Federal Reserve interest rate cuts throughout the year, amidst signs of slowing inflation in the United States.
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This week, the major currencies will be influenced by important economic data.
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European Central Bank (ECB) meeting focused on maintaining a tight monetary policy stance.
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The European Central Bank (ECB) has raised its main interest rate for the 10th consecutive time as it prioritizes the battle against inflation over a weakening economy.
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The European Central Bank (ECB) raised its benchmark deposit rate by a quarter-percentage point to 3.75 percent, reaching a record high last seen in 2001 when the euro was launched.
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The Bank of Japan (BOJ) decided to maintain its benchmark policy rate at -0.1%.
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The upcoming week will focus on key economic indicators and events. The ISM manufacturing PMI and its sub-components will set the tone, with investors paying attention to the labor market, inflation, and new orders.
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The Nikkei 225 has experienced weekly gains for the past 10 weeks, but it declined by 1% on Monday, closing at 33,370.42.
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