EUR/USD and AUD/USD Under Pressure as Central Bank Minutes Weigh on Sentiment

The EUR/USD pair continued its decline to test the 1.1835 support level, driven by US Dollar strength and anticipation of the Federal Reserve (Fed) meeting minutes. Simultaneously, the AUD/USD pair dropped by 0.40%, trading around the 0.7050 mark. This weakness in the Australian Dollar followed the release of the Reserve Bank of Australia (RBA) meeting minutes, which weighed heavily on the currency. Investors are now looking ahead to US GDP estimates and the Core Personal Consumption Expenditures (PCE) price index for further direction. As the Fed's primary inflation gauge, the PCE index remains a critical factor in determining the future trajectory of interest rates. These combined factors are heightening volatility in the forex market as major currencies face persistent downward pressure against the Greenback.