In an unexpected move, the Bank of Russia raised its overnight deposit rate by 25 basis points to 3.5 percent.
“The decision was made taking into account still-high inflation expectations and risks to steady economic growth,” the central bank said in a statement.
With the ECB maintaining a fairly tight monetary policy, and Russia and China slowing their money printing, expect more pressure on the dollar in foreign exchange markets, since the Fed appears to be one of the most accomodative, money printing central banks at present.
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