Forex Market Update : Epic Research Singapore

The dollar edged higher against the euro on Monday as investors wagered that the Federal Reserve might point to a possible interest-rate increase in June during its coming meeting, amid a parade of important central-bank decisions this week.

The euro EURUSD, +0.0450%  traded at $1.1098 late Monday in New York, compared with $1.1163 late Friday in New York. The British pound GBPUSD, -0.1538%  traded at $1.4302 late Monday, compared with $1.4382 Friday.

The dollar USDJPY, -0.12%  traded at ¥113.79 late Monday in New York, compared with ¥113.81 late Friday, as investors awaited the Bank of Japan decision on Tuesday.

The ICE U.S. Dollar index DXY, -0.02% a measure of the buck’s strength against a basket of six rivals, rose 0.5% to 96.6650.

In other currency trading, Egypt’s central bank on Monday devalued its currency and said it would introduce a more flexible exchange-rate policy. The new official rate is 8.85 pounds USDEGP, -0.0134%  per dollar. The move highlights the diverging path of central bank’s compared with the Fed, which has said it hopes to normalize interest rates from an ultraloose levels in the aftermath of the Great Recession.

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