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Hawkish central banks surprise currency markets

Summary by Monex Europe
USD The dollar started Thursday on a strong footing as traders digested the Federal Reserve’s decision to keep the funds rate unchanged, and Chair Powell’s hawkish accompanying tone. This, alongside a surge in safe‑haven demand after new attacks on Middle Eastern energy infrastructure, lifted the DXY index back above 100 early in the session. However, by the London close, the greenback had given back these gains, continuing to trade lower overni…
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Monex CanadaMonex Canada
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Monex EuropeMonex Europe

Hawkish central banks surprise currency markets

CAD The Canadian dollar weakened earlier in the week when the Bank of Canada held its policy rate at 2.25%, signalling a balanced, data‑dependent stance, noting that rate cuts might have been on the table were it not for inflation risks from the Middle East conflict. This saw USDCAD rise towards the top of its recent range, stabilising on Thursday as traders repriced for hawkish moves from the ECB and BoE, and oil prices eased. Today brings Cana…

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Monex Canada broke the news in on Friday, March 20, 2026.
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