USD extended gains over the weekend, UK retail sales fell unexpectedly, West African regional bloc to launch single currency in 2027

USD extended its gains against major counterparts over the weekend, with DXY Index now trading around 92.23, well above where it was a week ago. The Fed surprised the market by signaling an interest rate hike by 2023. Officials also commented that tapering will be considered meeting by meeting from now on. Investors’ risk appetite has been further ignited after another comment on Friday that, the shift towards a faster tightening on monetary policy was a “natural” response to economic growth.

In the UK, retail sales dropped unexpectedly last month as consumers shift their spending towards restaurants. Data fell 1.4% in May, compared with the forecast at +1.6%.

In Africa, 15 countries have adopted a plan to launch their single currency in 2027. These nations are part of ECOWAS, which stands for Economic Community of West African States. Members include Ghana, Liberia, Niger and so on.