The dollar is rising against most currencies today, so does it continue to rise or is it just a correction

Dollar index

The US Dollar Index (DXY) rose near the levels of 99.70, and trading is likely to be less active as Easter approaches, as many markets are closed on Friday, while some remain closed on Monday.

US retail sales also rose yesterday by the highest level in more than two years, and Federal Reserve Chairman Jerome Powell seemed in no hurry to cut interest rates, however, the dollar's selling momentum continued yesterday before rebounding during the Asian period upwards.

Jerome Powell's speech yesterday

USDJPY

The US dollar rose on Thursday from a 7-month low against the Japanese yen, as US-Japanese trade talks avoided the issue of foreign exchange, while making slight gains on other currencies before the long Easter holiday.

The dollar touched a seven-month low of 141.62 yen at the beginning of Asian trading, before recovering to 142.61 after Japanese Economy Minister Ryusei Akazawa stated that the issue of foreign exchange was not discussed at trade talks in Washington.

EURUSD

The euro-dollar also slightly retreated to the levels of 1.1345 this morning during the Asian session, and today we are waiting for the European Central Bank meeting from the eurozone and expectations of a 25 basis point interest rate cut later on Thursday.

AUDUSD

The Australian dollar fell against the US dollar during the Asian trading period by 0.4% to 0.6333 US dollars, and markets still expect a cut in interest rates for the Australian dollar next May.

In the end, the recent dollar sell-off stopped as the markets awaited the latest US trade developments and the statements of Fed Chairman Jerome Powell, where Powell warned that tariffs could lead to higher inflation, and said that the Fed's commitment is to keep inflation expectations stable in the long term.

Trump also stated that there has been significant progress in trade negotiations with Japan, while Bloomberg said that China is open to talks.