The greenback is higher than most of the major currencies Monday. Investors and traders are speculating changes as the week moves to the scheduled US Federal Reserve meeting expecting the interest rate increase announcement. The rate has not been raised for almost ten years.
The meet will be on Wednesday and the proposed rate hike increase is no longer given tension but on how the US Fed can get back to normal on financial policy after the implementation.
Overseas, the Chinese currency, yuan, and stroke it’s lowest for more than four years in local trading. This was announced by the China’s central bank. The decrease in value is viewed as a result of the announced trade weighted index. Many believe that the index reinforces further devaluation of the yuan.
The Chinese shifted the yuan or renminbi values last Friday with a new trade weighted yuan FOREX index. The government in Beijing said this is to deter traders and investors from comparing the yuan’s fluctuations against the USD.