The US dollar index or DXY was at around 102.00 in the Asian session trading earlier this week or in 6 of June. The greenback is displaying mixed performance against a variety of other major currencie.

That is especially ahead of a number of major central bank meetings to be held over the next few days. The decision of these meetings are awaited by so many people. 

USD/JPY pair again reached a multi year high above the 130.00 threshold. This pair pulled back by the publication of united States Non-farm Payroll data and the rhetoric of Fed officials. 

The Japanese yen was also harmed by rising world oil prices and declining buying interest in safe haven assets. That is why; a further progress will be awaited always. 

The Fed is Still Hawkish

Elsewhere, EUR / USD maintain it’s position around the level of 1.0730 in the middle of uncertainty about interest rate projection made by ECB. It has became a concern for so long. 

For your information, U.S. Economic Data Mixed, but the Fed Remains Hawkish. The America’s Non-farm Payrolls report on Friday showed Uncle Sam's economy added 390k jobs in the May 2022 period. 

The actual data is superior to the consensus estimate of 325k, but decreases compared to the April 2022 period data which was revised up to 436k. Overall, that is a quite good progress. 

The results of the Purchasing Managers' Index (PMI) survey for the non-manufacturing sector in America was also slipped. It was from 57.1 to 55.9 in May 2022. 

The Fed Statement Supports USD

In fact, consensus expects a decline in the score to only reach 56.4. Both reports as a whole present a diverse picture in the market. Fortunately, the position of the Dollar was supported by statements Made by the Fed officials.

At least five FOMC members delivered A hawkish public communications over the past week. This was including FOMC Vice named Chairman Lael Brainard opinion stated in an occasion.. 

Brainard said that market calculations for the Fed's current interest rate only include minimal expectations for monetary tightening going forward. His opinion was attracting many attentions. 

The ECB Meeting Is becoming a Center of Attention. Market participants this week will highlight the publication of the United States inflation report and it’s progress. 

RBA may Announce It’s Further Rate Hike 

In addition, there are also some regular policy meetings held by the Australian Central Bank (RBA) on Tuesday and the European Central Bank (ECB) on Thursday. It is based on the schedule. 

Consensus expects that RBA announce a follow-up "rate hike" of as much as 25 basis points. So far, that value is the most reasonable number to reach based on so many situations happened today. 

It is especially after raising their interest rates to 0.35 percent in May. However, there are also those who speculate that RBA will be more aggressive by raising interest rates for 40 basis points at a time. 

So far the speculation like that is not something official. Market participants just need to wait until that organization makes an official announcement. 

ECB may end it’s Asset Purchase 

The ECB will not yet change its interest rate, but rather is likely to simply end its asset purchase program this month. Nevertheless, the ECB meeting was actually the main highlight right now. 

Their officials over the past few weeks have expressed their views on the urgency of rising interest rates to stem rising inflation in Europe. All of them seemed to agree to start raising that Rate at the upcoming July meeting.

However, there is a very obvious difference of opinion about how much the realization of the rate hike will be. Opinions circulating now range from 10, 25, to 50 basis points at a time. In this situation, any clues given by Christine Lagarde on Thursday. These have the potential to be a significant market catalyst.