Dollar Decline Boosts Euro, Pound Value

The US dollar has experienced a significant decline, hitting its lowest point since March, which has contributed to rallies in major currencies like the euro and British pound. As of Tuesday, the euro reached a high of 1.1116, the highest level this year, while the British pound is also rising due to expectations surrounding global interest rates. The National Bank of Ukraine has reported an increase in the exchange rate of the dollar and euro against the hryvnia, marking new historical highs for both currencies. Inflation in the eurozone has climbed to 2.6% in July, complicating the European Central Bank's ability to cut rates despite a weak economy. Speculation is mounting on the Federal Reserve's upcoming rate cuts, with expectations of a 75% probability for a 25-basis point cut. The market anticipates insights from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which could influence future currency movements.