Dollar edges up, sterling hovers near one-year high

The US dollar gained slightly on Tuesday after the Federal Reserve’s loan survey showed credit conditions were not as bad as expected. The Bank of England meets on Thursday and the pound flirted with a one-year high ahead of the meeting where interest rates are set to rise to 4.5% to combat inflation. Commodities such as oil also rose on Monday, as markets were not as afraid as anticipated, due to the SLOOS (Senior Loan Officer Opinion Survey) results. The euro fell by 0.16% and the yen down by 0.10% at 135.24 per dollar.