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The US dollar rose, the pound continued to fall

The US dollar rose, the pound continued to fall

Erik Holm - Head of media

On Tuesday, the US dollar rose against other major currencies. Investors expect the Fed to lower interest rates, while the pound continues to fall in price due to fears about a “tough” Brexit.

By 15:38 London time, the US dollar index, which shows the value of the dollar against a trade-weighted basket of six major currencies, rose 0.1% to 97.877.

On Tuesday, the two-day Fed meeting begins, at which a decision on monetary policy will be made. Analysts predict that on Wednesday the interest rate will be reduced by at least 25 basis points. After the publication of positive US economic data, including data on US GDP growth, forecasts for a reduction in interest rates by 50 basis points weakened.

The pound continued to decline after falling 1% on Monday. New British Prime Minister Boris Johnson told Irish Prime Minister Leo Varadkar that he wants to remove the UK from the European Union by October 31, regardless of the agreement on the terms of this exit.

The GBP / USD pair dropped 0.5% to 1.2159, the EUR / USD pair changed to the position of 1.1144, and the USD / CAD pair rose 0.1% to 1.3178.