GBPUSD: What is the direction of the market?

At the beginning of the European session on Tuesday, the dollar increased slightly but struggled to surpass its recent five-week lows before the Federal Reserve's newest policy-setting meeting. The Dollar Index, which measures the US dollar against a basket of six other currencies, traded 0.1% higher at 103.025 at 04:05 ET (08:05 GMT) after falling below 103 for the first time since mid-February. Due to the ongoing banking sector crisis, traders began to anticipate that the Federal Reserve would not raise interest rates due to banking stress, which weighed heavily on the US dollar. To alleviate funding pressures in global markets, the Fed announced a seven-day dollar swap on Sunday. Although the use of this facility was restricted, the rush to inject liquidity into the monetary system demonstrated financial stress and had a clear negative impact on the USD, according to Alan Ruskin, Deutsche's director of international strategy.

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