The US dollar eased back against its peers again on Wednesday morning, as investors braced for a dovish tone of communications from the Federal Reserve this evening. Investors will also have one eye on tomorrow’s US and Euro Area Q2 GDP numbers.

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The dollar fell to news lows versus its major peers on Monday, as Congress remained unable to strike an agreement over its additional unemployment benefit scheme. Sterling has benefitted from this weakness, rallying to its strongest position since March.

The dollar dropped against all major currencies last week as investors remained underwhelmed by the US state response to the COVID pandemic. Attention now turns to Wednesday’s Federal Reserve meeting and Friday’s Euro Area GDP data.

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Contrasting stimulus news and an improvement in market sentiment drove the euro towards the 1.16 level this morning. Investors now await news out of today’s Brexit talks amid reports of a breakdown in negotiations.

The euro jumped to its strongest position in a year-and-a-half versus the US dollar on Tuesday amid contrasting stimulus news and vaccine optimism. Sterling eased off six-week highs ahead of crucial UK economic data later this week.

News of encouraging progress towards a COVID-19 virus vaccine and the passing of the EU’s €750 billion fiscal rescue package lifted risk assets on Monday.