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The US dollar inched up on GDP figures

27 Jan,2023
The US dollar inched up on GDP figures

The green back soared on Friday, but kept on track towards wrapping up the week with a dip as the markets highly predict an eased interest rate hike from Fed's side in the upcoming meeting.

Projections hover around the high possibility that Fed will take more eased stance and hike the interest rate this time by 25 bps in the next meeting post easing the rate from the four consecutive hikes of 75 bps to 50 bps in December.

Gearing the attentions to other central banks, ECB and BOE implied that there is high probability that the banks will continue with hiking the interest rate aggressively as it is still necessary to tame the soared inflation.

The dollar index that gauges the greenback versus its major pairs inched up by 0.1% at 101.78.

EUR/USD edged down to 0.2% at $1.0869.

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