Business News:Australian dollar bruised by lockdown, US fed reserve set to raise rates

 

The Yen remained under pressure and Australian dollar was bruised by latest lock downs in china following new Covid outbreaks but moves were more muted in recent days as traders eyes turned to this week's fed meeting that's how currency market globally is doing US fed reserve is set to raise rates for first time since pandemic at its meeting it concludes tomorrow the traders are looking for indications about pace of future rate hikes if any markets anticipated 25 basis point or 0.25 percent rise at this meeting but pricing has risen to indicate a 70 chance of a larger 50 basis point or 0.5 percent hike at subsequent meeting in may it's due to concerns about inflation now the dollar index that measures greenback against six major peers was at 99.108 it's not far off 9.415 it touched a week ago its highest level since may of 2020. the end was at 118.37 per dollar today morning after tumbling sharply in recent sessions as contrast between rising benchmark rates in the us and low rates in Japan becomes ever more apparent as fed begins to tighten the overall cycle of money