In today’s trading, the dollar is appreciating against the yen and weakly declining against the euro, with analysts trying to anticipate the future trajectory of the key rate in the United States.

The ICE-calculated index, which shows the dollar’s performance against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), is down 0.1%, while the broader WSJ Dollar Index is stable.

As of 9:26 a.m. Moscow time, $1.1039 was given for the euro, compared with $1.1029 at the close of the previous session, the euro added 0.06%.

The value of the U.S. currency against the Japanese national currency amounted at the same time 121.10 yen against 120.80 yen at the end of trading on Tuesday, the yen lost 0.2%.

The pound sterling strengthened 0.16% to $1.3283 by 9:26 Moscow time, while the Australian dollar slipped 0.17% to $0.7457.

“So far, the dollar has been supported by the Fed’s increasingly hawkish stance,” said Joe Manimbo, senior analyst at Western Union Business Solutions. – “That said, the market seems to be conceding that the Fed will be able to deliver a soft landing, and this is supporting risk appetite.”

On Monday, Fed Chairman Jerome Powell said the Fed is ready to accelerate the pace of rate hikes. On Tuesday, St. Louis FRB head James Ballard, one of the main proponents of a tight JCP, said, “The faster the better,” in response to a question about how quickly the central bank should act.

Ballard added that the best example is the 1994 cycle of tightening of the MPC – then the Fed under Alan Greenspan raised the rate from 3% to 5.5% within a year.

Traders put the probability of a 50 bps Fed rate hike in May at about 62%, according to CME data. Goldman Sachs economists expect that the rate could be raised by half a percentage point at once and at the June meeting.