Aisha Amajida

The USD/JPY pair is fluctuating due to changes in The Fed's interest rate expectations and the end-of-year dynamics of Japan's fiscal year.

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The turmoil in EUR/USD was triggered by a surge in CDS and the fall of Deutsche Bank's stock, the largest bank in Germany.

The Monetary Policy Committee (MPC) has raised the interest rate in the UK by 25 basis points to 4.25 percent, its highest level since 2008.

Swiss National Bank raised interest rates by 50 bps simultaneously, ignoring the recent Credit Suisse crisis.

The EUR/USD pair has been consistently rallying since the end of last week, while other major currency pairs have been fluctuating amid global financial instability.

In the next 24 hours, central bank meetings in the UK and the US bring significant uncertainty to the global financial markets that should be closely monitored.

This week's FOMC meeting will discuss The Fed's interest rate decision and the latest economic projections that can affect the US dollar exchange rate.

The US Federal Reserve, European Central Bank (ECB), and Swiss National Bank (SNB) separately expressed their commitment to maintaining banking stability.

The Swiss National Bank (SNB) statement regarding Credit Suisse helped improve market sentiment ahead of the European Central Bank (ECB) policy announcement later tonight.