The U.S. dollar is getting cheaper against the euro and pound sterling, strengthening against the yen in trading on Monday.

The dollar exchange rate is close to peak values against major currencies, as the market has already incorporated expectations of a sharp tightening of monetary policy by the Federal Reserve System (FRS), CBA experts say.

They predict consolidation of the dollar against the euro and the pound this week and its weakening against the currencies of Asian countries, as well as “commodity” currencies.

Traders’ attention this week is focused on the minutes of the Federal Reserve System (FRS) meeting of March 15-16, following the results of which the U.S. Central Bank decided to raise the base interest rate by 0.25 percentage points (p.p.).

The dot plot of forecasts published after the March meeting (dot plot; a diagram reflecting the individual expectations of members of the Fed’s Board of Governors and heads of Federal Reserve Banks regarding interest rates) shows that most executives expect six more 0.25 p.p. rate hikes this year.

As of 8:58 Moscow time {{1691| the euro-dollar exchange rate was up 0.08% to $1.1052 from $1.1043 at the close of the previous session. The pound sterling rose 0.10% to $1.3127 from $1.3114 the previous day. The value of the U.S. currency in a pair with the yen increased by 0.13% – to 122.68 yen against 122.52 yen at the end of previous trading.

Calculated ICE index, showing the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), fell by 0.06%, the broader WSJ Dollar Index – by 0.02%.