The EUR/USD pair is starting the new week on a weaker note, although it remains within striking distance of the highest level since early October, which was touched last Thursday. Spot prices are currently trading around the 1.1730 area, down less than 0.10% on the day.
The US dollar (USD) rose during the Asian session on Monday and looks to build on last week’s modest rebound from its lowest level in more than two months, which in turn is a headwind for the EUR/USD pair. However, the US dollar’s rise lacks any clear fundamental catalyst and is likely to remain limited in the wake of the Federal Reserve’s dovish outlook.
The US central bank last week signaled caution about further cuts after cutting borrowing costs for the third time this year. However, traders are still anticipating the greater likelihood of two more interest rate cuts next year, as signs of a weak labor market become increasingly apparent. The prospect of a Trump-aligned Fed chair could put a damper on the US dollar’s recovery attempt.
US President Donald Trump said he has narrowed the list of contenders to replace Jerome Powell as the next head of the Federal Reserve, and expects his nominee to deliver interest rate cuts. Trump’s chief economic adviser, Kevin Hassett, is seen as the most likely choice to succeed the current Fed chief. This may prevent USD bulls from placing aggressive bets and support EUR/USD.
On the other hand, the common currency continues to draw support from the growing acceptance that the European Central Bank is done cutting interest rates. However, traders appear hesitant and are choosing to wait for the crucial meeting of the European Central Bank on Thursday. Furthermore, Tuesday’s delayed US Non-Farm Payrolls (NFP) report should provide fresh momentum to the EUR/USD pair.
US dollar price today
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed today. The US dollar was the strongest against the Australian dollar.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | 0.07% | 0.03% | 0.06% | 0.04% | 0.08% | 0.02% | 0.04% | |
| euro | -0.07% | -0.04% | 0.00% | -0.04% | 0.00% | -0.05% | -0.03% | |
| GBP | -0.03% | 0.04% | 0.04% | -0.00% | 0.04% | -0.01% | 0.00% | |
| JPY | -0.06% | 0.00% | -0.04% | -0.02% | 0.02% | -0.04% | -0.02% | |
| Canadian | -0.04% | 0.04% | 0.00% | 0.02% | 0.04% | -0.02% | 0.00% | |
| Australian dollar | -0.08% | -0.01% | -0.04% | -0.02% | -0.04% | -0.06% | -0.06% | |
| New Zealand dollar | -0.02% | 0.05% | 0.01% | 0.04% | 0.02% | 0.06% | 0.02% | |
| Swiss franc | -0.04% | 0.03% | -0.01% | 0.02% | -0.01% | 0.06% | -0.02% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select USD from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
