The US Dollar strengthened against the major currencies as the latest FOMC meeting signalled a shift in the Fed’s dovish stance, with officials releasing forecasts of two anticipated interest rate hikes by the end of 2023. Across the Atlantic, Euro and Sterling dipped as the recent monetary policy meetings by the ECB and BoE showed that both central banks remained firm in keeping their loose monetary policy approach, citing the higher inflation as transitory while revising growth estimates higher. Meanwhile, both currencies remain under pressure as Britain and the European Union struggled to come to terms over the implementation of the post-Brexit trade deal in Northern Ireland. Elsewhere, commodities took a hit in June due to a stronger dollar, and from China’s plans to release industrial metals from its national reserves to curb surging prices.
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