While the euro found a way to recover versus the dollar, the British pound continued with its series of losses and is now on its 5-day low against the dollar. David Miles, member of Bank of England’s monetary policy commitee, hinted of a poor economic forecast, which led to the weaker British currency. Despite the losses, the GBP/USD pair is still experiencing bullish momentum on the daily chart. The resistance is around the 1.6000 level. The GBP/USD reached a low of 1.5753 and a high of 1.5917.
The euro, on the other hand, posted gains versus the dollar as a result of the weakening dollar following the Fed Reserve’s plan to buy Treasury securities and boost the expectations for inflation. For the past few days, the currency pair has fluctuated around 1.3900. Nevertheless, the momentum is still bullish for the pair. Trading above the 1.3750 level, the trend is still positive. The EUR/USD traded at a low of 1.3775 and a high of 1.3939.
The Japanese yen is among the major currencies that rose against the dollar after the plans of the Fed Reserve meeting was made public. Breaking the 82.00 support level, the momentum is still bearish. In the end, the USD/JPY traded at a high of 82.31 and a low of 81.65. Overall, the US dollar declined versus forex trading majors.
