The US Dollar is losing ground across the board. There are several reasons for this slide. Markets have taken the announcement of the US trade tariffs with a stride. The Trump Administration announced only a 10% tariff against 25% that was also under consideration. China’s response was relatively moderate, refraining from a high level of duties.
Another reason is that US bond-yields stopped rising after a few days of gains.
The EUR/USD is at the highest since July 11th, reaching 1.1771 at the time of writing. Resistance is seen at 1.1795 and then 1.1850.
The GBP/USD is at the highest since July 16th, hitting 1.3280 at pixel time. Some resistance awaits at 1.3295 with a further cap at 1.3325.
The USD/CAD is trading below 1.2900, getting close to the lows last seen in August and despite no progress on NAFTA talks.
The AUD/USD is edging closer to 0.7300. The Australian Dollar had suffered from concerns about trade and staged a recovery in recent days.
The USD/JPY is the laggard, trading above 112.00 but not breaking new ground.
The greenback is losing ground against other currencies.
Developing story.
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