The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, rose and recovered above 103.50 at the time of writing on Wednesday (3/19) as the US Dollar (USD) strengthened against most major currencies. The surge in the Greenback followed a sharp surge of more than 5% in the USD against the Turkish Lira (TRY) after headlines emerged that authorities had detained Istanbul Mayor Ekrem Imamoglu, a key political rival of President Tayyip Erdogan, on charges including corruption and aiding a terrorist group.
On the economic data front, it was a very quiet day ahead of the Federal Reserve's (Fed) decision on interest rates later in the day. The Federal Open Market Committee (FOMC) will announce its policy rate decision and publish an update of its Summary of Economic Projections (SEP). Following the meeting, Fed Chair Jerome Powell will deliver remarks in a press conference. With Trump's policies in place, markets are curious to see how many, if any, rate cuts Fed members have planned for 2025 and beyond. (Newsmaker23)
Source: FXstreet
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