Fed Cuts Drop Dollar, Pound Near One Month High – 24 June, 2019

The pound traded just below a one month high as the dollar receded with the expectation that the Federal Reserve will cut interest rates in July. With just two possible candidates left in the race to replace Prime Minister Theresa May by the end of October, the pound dipped 0.2% to $1.2730 after touching its strongest levels since May 21 of $1.2766. Sterling fell 0.3% against the euro to 89.50 pence, just above a five month low of 89.74. Against the yen, the dollar was last trading just above a five month low of 107.045 hit Friday, last trading at 107.35. The dollar index dropped to a three month low of 95.953, shedding 1.7% the previous week.