XE Market Analysis: Europe – Jul 27, 2020

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The dollar continued to drop, printing fresh trend highs against the euro and other currencies. The narrow trade-weighted USD index (DXY) fell over 0.5% to a 22-month low at 93.84 in what is now the seventh consecutive day of decline and the fourth straight week the index has surpassed its prior-week low. Momentum has also been accelerating to the downside over the last week. EUR-USD concurrently printed its loftiest level seen since January 2018 at 1.1724. USD-JPY fell by over 0.6% in pegging a four-month low at 105.39.