The dollar’s weakness allowed the euro and the pound to hit fresh two-month highs Thursday morning before being stopped by U.S. jobless claims. Brexit and trade concerns remain largely ignored by the markets.

Dollar weakness persists

The EUR/USD pair is hitting its highest levels since early July as calm remains in spite of the fresh round of tariffs between the U.S. and China.

EUR/USD spiked to 1.177 Thursday morning before dipping back down to 1.175.

The impact of the current trade uncertainty still remains limited. Most recently, China said it would reduce the tariffs on imports into the country in an effort to lower costs for Chinese consumers. However, it was not clear whether the cuts would impact any U.S. goods.

What Brexit border issue?

The pound is climbing higher as it largely ignores the ongoing negotiations about Brexit and the Irish border sticking point.

GBP/USD climbed to 1.329 before settling closer to 1.326. An informal E.U. summit in Austria isn’t producing any progress on a Brexit deal with the E.U.

Prime Minister Theresa May said that there would not be an extension in talks and no second referendum, reiterating that the U.K. will exit the bloc in March 2019.

Jobless claims fall for third week

The U.S. jobless claims fell for the third week in a row and were able to pause the dollar’s decline against the euro and the pound.

Jobless claims for the week ending Sept. 14 were 201,000 compared to estimates of 210,000 and the previous reading of 204,000.

Continuous jobless claims were 1.645 million for the week ending Sept. 7, compared to 1.7 million the week prior.

Fed’s up next

With the dollar down for the third day in a row, investors are looking ahead to next week’s Federal Reserve meeting for new life.

The Fed is expected to raise rates at its meeting.

On Wednesday, President Trump announced plans to nominate Nellie Liang to the Federal Reserve’s Board of Governors. Liang would sit on the policy-setting FOMC.

Liang has formerly served as a Federal Reserve economist and is currently a senior fellow at the Brookings Institute.