The EUR/USD pair continued its downward movement on Wednesday. For three weeks in a row, the European currency has been declining, which could be driven by only one event and factor — the Federal Reserve's monetary policy tightening. Essentially, one can now say the same thing every day.

The GBP/USD pair on Tuesday again showed no notable price action. The first half of the day offered some hope: the pair briefly dropped about 60 pips, but traders could not extend the move lower through the day. Why did sterling fall again and the US dollar rally once more?

The EUR/USD pair traded with minimal volatility again on Tuesday, but maintained a downward trend. So even on days when market activity approaches zero, the euro still weakens. Almost everyone has weighed in on why the euro is falling: practically all analysts point to the unexpectedly hawkish Federal Reserve stance, which now implies two more rate hikes.

The GBP/USD pair showed no noteworthy moves on Monday, and average volatility over the past 30 trading days has fallen to 56 pips. Need I say that is very low? Even the five-day average is higher.

The EUR/USD pair spent virtually all of Monday standing still. As expected, volatility was minimal, and no important information reached traders during the day. So it's not surprising there were no price moves on the week's first trading day.