EUR, GBP and JPY fall to extreme levels
US dollar strength brings major pairs such as EUR/USD, GBP/USD and USD/JPY to critical price levels. Find out the last time markets observed these prices and what could drive USD further.
Key points
- EUR/USD fell to 1.0700 to reach its lowest price in three months
- GBP/USD down more than 600 pips from July highs - trading below 1.2500
- USD/JPY rose above 147.00 - almost 2000 pips from 2023 lows
An almost two-month US dollar rally has sent extreme action into major currency pairs. Both EUR/USD and GBP/USD reached three-month lows this week, and USD/JPY hit a year-to-date high above 147.00.
Data releases next week include US Core Inflation Rate, European Central Bank interest rate decision and UK unemployment rate. Traders will likely look to those metrics to determine whether the US dollar strength can continue, or if a reversal is in store.
How to trade EUR/USD
- Open an account to get started, or practice on a demo account
- Choose your forex trading platform
- Open, monitor, and close positions on EUR/USD
Trading forex markets like EUR/USD requires an account with a forex provider like IG. Many traders watch other major forex pairs like EUR/USD and GBP/USD as well for more potential opportunities. You can help develop your forex trading strategies using resources like IG’s Trading Academy.
Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.
Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.
This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. See our Summary Conflicts Policy, available on our website.
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