Today, the US dollar is demonstrating significant strength against most G10 currencies. Despite some intraday momentum fluctuations prior to the North American session, there seems to be little resistance ahead of the conclusion of the FOMC meeting tomorrow. The recent rate hike by the Bank of Japan, along with the cessation of Yield Curve Control, was not perceived as the beginning of a tightening cycle. This surge in the greenback is putting a lid on gold prices, with trading confined within yesterday's range around the $2150 mark. Meanwhile, May WTI crude oil is consolidating in a tight range near $82.

Asia Pacific
Reports from the Japanese press proved accurate: the Bank of Japan raised its overnight target rate to 0%-0.1%, eliminating Yield Curve Control and confirming the halt in ETF purchases. However, it surprised markets by indicating its intention to continue purchasing long-term bonds as necessary. Consequently, the US dollar has strengthened against the Japanese yen for the sixth consecutive session.

As anticipated, the Reserve Bank of Australia maintained its cash target rate at 4.35%, resulting in what's perceived as a dovish stance, pushing the Australian dollar to nearly $0.6500.

Europe
Attention will turn to Thursday when three central banks—Norway's Norges Bank, the Swiss National Bank, and the Bank of England—are set to meet.
The euro faced selling pressure during the US morning yesterday as it breached $1.09, subsequently dropping to session lows near $1.0865. Today, it has fallen further to $1.0835.
Similarly, sterling extended its losses yesterday, nearing $1.2715, and has now slipped to almost $1.2665, its lowest level since March 4.

America
All eyes are on tomorrow's Fed meeting. While no policy changes are expected, market participants are keen to parse the Fed's communication.

Canada is set to report February CPI today, with a median forecast of 0.6%, translating into a 3.1% year-over-year rate due to base effects.
Yesterday, the US dollar remained relatively stable against the Canadian dollar, but today it has surpassed resistance near CAD1.3550, potentially retesting the CAD1.36 level that held the greenback in late February and earlier this month.