- EUR/USD refreshes weekly high near 1.1670 amid weakness in the US Dollar.
- Investors expect the Fed to cut interest rates on Wednesday.
- Risk sentiment improves amid optimism over the US-China trade deal.
The EUR/USD extends its winning streak for the fifth trading day on Tuesday. The major currency pair posts a fresh weekly high near 1.1670 as the US Dollar (USD) underperforms its peers ahead of the monetary policy announcement by the Federal Reserve (Fed) on Wednesday.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.18% | -0.24% | -0.62% | -0.03% | -0.11% | -0.22% | -0.24% | |
| EUR | 0.18% | -0.05% | -0.44% | 0.16% | 0.09% | -0.06% | -0.05% | |
| GBP | 0.24% | 0.05% | -0.37% | 0.21% | 0.14% | 0.02% | -0.01% | |
| JPY | 0.62% | 0.44% | 0.37% | 0.59% | 0.51% | 0.39% | 0.37% | |
| CAD | 0.03% | -0.16% | -0.21% | -0.59% | -0.08% | -0.19% | -0.22% | |
| AUD | 0.11% | -0.09% | -0.14% | -0.51% | 0.08% | -0.12% | -0.14% | |
| NZD | 0.22% | 0.06% | -0.02% | -0.39% | 0.19% | 0.12% | -0.02% | |
| CHF | 0.24% | 0.05% | 0.00% | -0.37% | 0.22% | 0.14% | 0.02% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, revisits the weekly low around 98.50.
In the Fed’s policy, traders expect the United States (US) central bank to deliver another interest rate cut as the tariff impact on prices is proving to be temporary, slower job growth continues to be a cause of concern and the federal government remains shut down.
The US Consumer Price Index (CPI) data for September showed on Friday that the headline and core inflation rose moderately by 0.3% and 0.2%, respectively, on a monthly basis.
Meanwhile, accelerating hopes of a trade deal between the US and China could provide support to the US Dollar. On Monday, US President Donald Trump expressed confidence that a trade deal with Beijing could be announced soon after the meeting with Chinese XI Jinping later this week.
On the other side of the Atlantic, investors await preliminary German inflation data for October and the Eurozone Q3 Gross Domestic Product (GDP), which will be published on Thursday. The German Harmonized Index of Consumer Prices (HICP) report is expected to show that price pressures grew at a moderate pace. Meanwhile, the Eurozone economy is expected to have expanded again at a moderate pace of 0.1% on a quarterly basis.
