The United Kingdom seems to be moving in the right direction at the moment, as new plans have been revealed to deal with the current budget deficit. Currently, the country’s budget deficit sits at around 156 billion pounds, or $246 billion. The UK Chancellor of the Exchequer George Osborne went into detail about their plans for eliminating this debt. Forex trading investors seem to favor the move as the pound made gains against the dollar. The GBP/USD pair traded at a low of 1.5654 and a high of 1.5878.

The dollar fell against most of the majors. Dow Jones increased by 1.18% and NASDAQ increased by 0.84%, crude oil increased by 2.9% to close at $81.77 per barrel, and gold increased to close at $1,344 per ounce.

The euro was also able to post gains against the dollar, thanks to the German PPI coming out better than expected at 0.3% instead of 0.2%. The EUR/USD pair traded at a low of 1.3699 and a high of 1.3991.

Forex trading investor worries still remain over the monetary policy of the US Federal Reserve. As a result, the US dollar weakened against some of the majors on Wednesday, October 20. Take, for example, the Japanese yen, which was able to gain against the dollar to test the 15-year high that it recently reached. The USD/JPY pair hit a low of 81.20 during the European trade in the morning, finally consolidating at 81.26. The euro was able to gain a little against the yen, hitting the 112.17 mark after a 0.17% gain.

The euro was able to bounce back from its 11-day low against the dollar due to the worries over monetary policy. The EUR/USD forex trading pair was able to hit a daily high of 1.3801 over the Asian trading period, then consolidated at around 1.3792 for total gains of 0.46%. The euro also gained against the pound as the EUR/GBP hit 0.8775 for 0.38% in gains.