Hawkish Fed lifts dollar to 7-week high as focus turn to BOJ

The Federal Reserve has raised interest rates, causing the dollar to rise to a seven-week high. This move is seen as a hawkish stance, indicating that the Fed is prepared to take a more aggressive approach to controlling inflation. The dollar's surge has had a negative impact on the euro, which has fallen to its lowest level in almost seven weeks. This shift in the dollar's value is now drawing attention to the upcoming decisions from the Bank of England and the Bank of Japan.

Why it matters

The hawkish Fed decision has strengthened the dollar, making it harder for the Japanese yen to compete. This could lead to a decrease in the value of the yen.

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