Traders are still betting on a more dovish Fed and with Trump's takeover of the central bank continuing to take shape, it only solidifies that conviction.
The pair has found it tough to get on with a firm break above the 1.1800 mark since the end of June. However, buyers have not relented all too much despite some headwinds developing for the euro in recent months. In particular, the single currency has managed to navigate through the political concerns in France rather well - at least for now.
Besides that, we also have GBP/USD now sneakily climbing to its highest since early July as it nudges above the late July and August highs around 1.3585-95. The pair is up another 0.2% to 1.3620 currently with eyes on the June highs closer to 1.3770.
USD/CHF has been towing the line near 0.7900 for a while now and a drowning dollar could yet finally seal the deal for a break under that, with sellers having tried since early July. So, this will be another one to watch in the days ahead.
The pair is now trading up to 0.6670 levels, its highest since November last year. And more importantly, it is running up against a test of its 200-week moving average of 0.6675 currently. A firm break above that will see price action return above both its key weekly moving averages for the first time since 2022. That will be a notable shift in momentum, if we do get to that in trading this week.
As a reminder, traders have fully priced in a 25 bps rate cut for tomorrow with ~67 bps worth of rate cuts priced for year-end. Will the Fed surprise with a more hawkish communique and bail the dollar out of this sticky situation? Or will we see the greenback fall further to fresh lows this year in the aftermath?
This article was written by Justin Low at investinglive.com.Hence then, the article about dollar on the ropes ahead of the fed tomorrow was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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