Breaking News: USD crashes, multi-month highs for EUR/USD, GBP/USD, others

Yohay Elam FXStreet

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. Markets are already looking into next week's Fed decision.

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. There has been no substantial progress in the Salzburg Summit on Brexit. The Irish border remains a critical sticking point.

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 as well.

This is how the recent move looks on the 15-minute EUR/USD chart. Click on the image to see a live chart:

EUR USD Techncial chart September 20 2018

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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