The US Dollar slipped against several major currencies including the British Pound, Euro, Indian Rupee, and Japanese Yen as markets dialed back expectations for a US Federal Reserve interest rate increase. According to FX Street, the GBP/USD pair gained momentum, approaching 1.3555 during early European trading hours on Monday.
The Euro continued its upward trajectory for the third consecutive day, building on last week's rebound from the key 1.1500 psychological level. FX Street noted that EUR/USD attracted follow-through buying and was targeting the 1.1600 mark. Meanwhile, USD/INR traded near 95.50 on Monday, recovering slightly after two days of losses amid the dollar's overall weakness.
Investing.com Forex reported that Asian FX markets saw modest gains as reduced Fed hike bets supported regional currencies, with the Japanese Yen advancing despite Japan’s weak GDP data. This dynamic is especially relevant for Japanese investors navigating currency volatility amid ongoing economic uncertainties.