Despite a relatively quiet start to the new week, buyers in both EUR/USD and GBP/USD were able to book some profit.
During the Asian session we saw the U.S. dollar extending its slide against its major peers after comments from U.S. President Donald Trump who said that he was “not thrilled” with Federal Reserve Chairman Powell’s raising of interest rates. Trump said the Fed should be more accommodating on rates helping him to boost the economy. Consequently, the dollar gave up some of its gains, pushing other counterparts higher in return.
Whether this could be the end of the dollar’s summer rally remains to be seen and hinges on trade talks between China and the U.S. as well as on the Fed’s point of view in terms of tighter monetary policy.
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