GBPUSD: The USD fell, extending the decline from last week

A less aggressive stance from the Federal Reserve caused the U.S. dollar to weaken somewhat in early European trading on Monday, reaching a six-week low and prolonging the previous week's slide.

The Dollar Index, which measures the US dollar against a basket of six other currencies, dropped 0.1% to 104.782 at 03:20 ET (08:20 GMT) this morning. Last week, it fell more than 1%, marking the biggest decline since the middle of last year.

Following the Federal Reserve's dovish indications regarding additional interest rate hikes during last week's policy-setting meeting, the dollar has declined.

The official jobs report released on Friday, which revealed that US nonfarm payrolls rose less than anticipated in October, supported this tone. According to the data, the US labor market is contracting. added to, which has

GBP/USD rose 0.1% to 1.2384, continuing last week's strong gains ahead of the release of UK GDP data for the fourth quarter later this week.