USD: dollar continues slide against euro, hits fresh lows against sterling

The dollar weakened against a basket of currencies yesterday as the markets raised expectations that there would be no interest rate hike this year. This was a result of the Fed’s cautious tone and the FOMC’s subsequent press statement.

The US dollar has been sliding against the euro for a while now, but it slid to its lowest mark against the pound since last September.

Meanwhile, there was some good news as US durable goods data was better than expected, showing a gain in orders of 6.5% in June.

It’s a pretty quiet day for US data today, but it will be interesting to see whether the dollar can claw back some of this week’s losses against the euro and sterling.

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