Currency Buzz: Dollar Seen Consolidating Near 99 Mark

9 Mar 2022 , 12:35 PM

The American currency is seen consolidating near its recent peaks on growing safe haven demand amid geopolitical and economic uncertainties surrounding the Russia-Ukraine war. The crisis has led to a surge in in commodity prices with crude spiking to 2008 highs fuelling inflationary concerns. The dollar index, that tracks the greenback against a basket of currencies was trading at 98.98, off its recent high of 99.42. Investors are now looking to Federal Reserve decision, especially with the turn of events in Russia and Ukraine that could hamper the Fed decision. The Federal Reserve was set to raise interest rates by 25 basis points at the March meeting. Meanwhile, the US inflation report due on Thursday is also keenly awaited to understand Powells further course of action.

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