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- Asian session review: the US dollar strengthened against the euro and yen
Asian session review: the US dollar strengthened against the euro and yen
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 00:00 | New Zealand | ANZ Business Confidence | March | -19.4 | -24.1 | -63.5 |
| 00:30 | Australia | Private Sector Credit, m/m | February | 0.4% | 0.2% | 0.4% |
| 00:30 | Australia | Private Sector Credit, y/y | February | 2.5% | 2.8% | |
| 01:00 | China | Non-Manufacturing PMI | March | 29.6 | 52.3 | |
| 01:00 | China | Manufacturing PMI | March | 35.7 | 45 | 52 |
| 05:00 | Japan | Construction Orders, y/y | February | 17% | 0.7% | |
| 05:00 | Japan | Housing Starts, y/y | February | -10.1% | -14.7% | -12.3% |
During today's Asian trading, the us dollar rose against the euro and the yen.
The ICE index, which tracks the dollar's performance against six currencies (the euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.2% in trading.
Demand for dollars traditionally increases at the end of the month and, especially, at the end of the quarter, experts say. This time, the increase in demand for the us currency is weaker than expected, thanks to the action of the Federal reserve's swap lines with Central banks of other countries, but it supports the dollar. In the 1st quarter of 2020, the ice dollar index jumped almost 3.1%.
Meanwhile, China on Tuesday said the official PMI for March was 52.0, beating expectations for an economy hit by the coronavirus outbreak. Analysts had expected the official PMI to come in at 45 for the month of March. In February, the official PMI hit a record low of 35.7. PMI readings above 50 indicate expansion, while those below that level signal contraction.
China's National Bureau of Statistics said in its announcement of the PMI reading that there was continued improvement in the prevention and control of the outbreak in March, with a significant acceleration in the resumption of production.
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