Global central banks are on high alert to combat a resurgence of inflation, putting downward pressure on the dollar, which fell by more than 1%.

CoinFeed reported on March 20th that, according to Jinshi, non-US currencies strengthened across the board, with the US dollar index falling more than 1% in late New York trading on Thursday. Central banks in the US, Japan, the UK, Canada, and the Eurozone held policy meetings this week, along with several emerging market central banks, making it a rare "super central bank week." On Wednesday, the Federal Reserve and the Bank of Canada both decided to keep interest rates unchanged; on Thursday, the Bank of Japan, the Bank of England, the European Central Bank, and the central banks of Switzerland and Sweden made the same decision. These central banks clearly stated they would remain vigilant, concerned that rising energy prices could trigger a wave of inflation across the broader economy. Even the Brazilian central bank, which has the highest interest rate among major economies, only opted to cut its benchmark interest rate slightly by 25 basis points to 14.75%, while the market expected a 50 basis point cut.