EUR/USD and GBP/USD Rallies Fuelled by Ongoing US Dollar Weakness

The UD dollar continues to weaken ahead of today’s FOMC minutes and Fed chair Jerome Powell’s Jackson Hole appearance on Friday

Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....meeting are released later in today’s session and will show a more detailed picture of why the Fed decided to keep rates unchanged at 5.25%-5.5%. Since the July meeting, a string of data releases has pointed to growing weakness in the US economy, suggesting that the Fed will start to trim interest rates in September.

The US dollar index has moved sharply lower over the last two months as traders price in a more dovish Fed. The technical outlook for DXY remains negative with two bearish flag formations on the daily chart keeping downward pressure on the dollar.The Euro and Sterling have benefited from this weak dollar backdrop with EUR/USD and GBP/USD making fresh multi-month highs yesterday.

The GBP/USD daily chart also looks positive with an unbroken series of higher lows and higher highs made since late-April. While Sterling has strengthened in its own right recently, further gains in the pair will be dictated by the US dollar outlook.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

DailyFX /  🏆 305. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Retail Sentiment Analysis – EUR/USD, GBP/USD LatestView current IG trader sentiment and discover who is going long and short, the percentage change over time, and whether market signals are bullish or bearish.
Read more »

Retail Sentiment Analysis – EUR/USD, GBP/USD and USD/JPY LatestTrack trader positions, sentiment shifts, and market signals. See long vs short ratios, percentage changes, and bullish/bearish indicators to gauge overall market sentiment and trading trends.
Read more »

Weekly forex analysis: EUR/USD, GBP/USD, AUD/USD and more [Video]Weekly forex forecast covers forecast on EUR/USD , GBP/USD , AUD/USD , NZD/USD , USD/CAD , USD/JPY , USD/CHF Forecast.Our weekly forex forecast covers technical analysis, price action on major forex pairs , assets using the high-timeframes and market environment.
Read more »

Weekly Forex Analysis Video: EUR/USD, GBP/USD, AUD/USD and moreWeekly forex forecast covers forecast on EUR/USD , GBP/USD , AUD/USD , NZD/USD , USD/CAD , USD/JPY , USD/CHF Forecast.Our weekly forex forecast covers technical analysis, price action on major forex pairs , assets using the high-timeframes and market environment.
Read more »

IG Retail Sentiment Report: AUD/USD, EUR/USD, GBP/USD as USD Weakness ReturnsUSD weakness is back in focus this week as Fed members gear up for Jackson Hole. Excessive rate cut expectations have cooled but there is an expectation for further USD declines
Read more »

EUR/USD and GBP/USD Latest – Updated Sentiment AnalysisView trader sentiment, long/short positions, and market signals to help you make better trading decisions.
Read more »