Aisha Amajida

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Market participants now expect the Fed to raise interest rates by 25 basis points in the next three FOMC meetings, leading to an appreciation of the US dollar.

Hurricane Gabrielle is the biggest natural disaster to hit New Zealand this century. As a result, NZD/USD failed to rally even though the RBNZ interest rate rose.

GBP/USD jumped about 0.5 percent to a four-day high. However, there are still doubts hanging over the pound sterling's rally.

The US dollar's rally continues today's bullish consolidation. But several factors hinder the continuation of the rally ahead of tomorrow's release of the FOMC minutes.

US inflationary pressure will likely remain high for longer, requiring higher Fed interest rates.

GBP/USD hit a one-week low at 1.1989, while EUR/GBP is sticking out for the first time in over a week.

This time, the release of US retail sales data boosted expectations of The Fed's interest rate and US dollar exchange rate.

The latest US inflation data supported the US dollar exchange rate but did not trigger a significant rally or change the Fed's interest rate expectations.

US Dollar strengthened in major pairs ahead of tomorrow's release of US inflation data. USD/JPY even jumped 0.75 percent to 132.40.