The U.S. dollar was seen posting gains on Wednesday. Economic data was sparse. In the overnight trading session, New Zealand’s quarterly GDP numbers were reported. Data showed that New Zealand’s GDP advanced at a pace of 0.5% as widely expected. However, the Kiwi dollar continued to extend losses.
The economic calendar for the day will see the monetary policy meetings held by the Swiss National bank and the Bank of England. Both central banks are expected to hold their respective interest rates steady at today’s meeting.
Focus will be on the BoE’s meeting as investors anticipate for clues on the timing of the next rate hike. Market watchers expect the next BoE rate hike to be in August but the recent inflation and wage report has likely dented the sentiment.
The U.S. trading session is quiet with only the Philly Fed manufacturing index coming up.
