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USD Sinks on Fed Easing Expectations
The US dollar continues to sell-off on Friday, marking a week of straight losses and its biggest losing week since May 2019.
Traders are once again starting to price in a forthcoming rate cut from the Fed in a bid to buffer the economy against the harmful impact of COVID-19. USD index trades 98.02 last, down from highs of nearly 100 last week.
Euro Breaks Resistance
EURUSD has been a strong beneficiary of the move lower in the dollar this week. Price is soaring back up to 1.1036, breaking back above the 1.0986 resistance level.
This week’s move higher has also been helped by the heavy sell-off in European asset markets which has seen traders buying back their EUR hedges.
Trade Talk Fears Weigh on GBP
GBPUSD has not benefited quite so well from the USD sell-off this week. GBP has come under pressure over rising concerns relating to the UK/EU trade talks due to start nex...
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