The dollar exchange rate was strong from the end of last week to the beginning of the week, but the dollar was weak yesterday. And the dollar is once again on the rise. Although the trend since March is still pointing toward a weaker dollar, the momentum has slowed recently.
Regarding the US FOMC meeting, the market has almost priced in a 25bp rate hike in May. However, the outlook for June and beyond is still highly uncertain. Some are of the opinion that the rate hike will continue, but the majority is of the view that rate hikes will stop in May. However, this view is also expected to fluctuate depending on the trend of the US economy.
The US dollar has been buying more than expected, making it difficult to see the direction.
The UK consumer price index exceeded expectations, so the GBP is trending higher, but it has turned bearish again since it is European time.
If the timing is right, I am also thinking of buying GBP in the short term.