The US dollar is tumbling against the world’s major currencies as investors feel less optimistic that the Federal Reserve will hike interest rates at its meeting this week. Asset-management firm Goldman Sachs in particular cut its growth forecast for the greenback as it lowered its expectations for a 2016 interest rate hike and the pace of US economic growth through the end of the year. The weaker dollar is helping boost other currencies this morning.

The euro is rising against a weaker US dollar, though its gains are somewhat subdued as the EU’s current account (trade-related data) showed a smaller-than-expected surplus in July.

The pound is recovering against the greenback as well despite there being no new data out this morning (and little UK data to come out for the rest of this week).

Elsewhere, the Australian dollar is climbing as investors await tonight’s housing price data for the second quarter and the Reserve Bank of Australia’s meeting minutes. The Canadian dollar is up against a weaker US dollar as well with a small tailwind from rising oil prices.

EURUSD: The euro is up against a weaker US dollar despite a smaller-than-expected current account surplus in July.

GBPUSD: The pound is recovering despite there being no new data out.

AUDUSD: The Aussie dollar is up as investors await tonight’s housing price data and RBA meeting minutes.

USDCAD: The Canadian dollar is climbing with oil prices.