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- Asian session review: the dollar rose against the euro, but fell against the yen
Asian session review: the dollar rose against the euro, but fell against the yen
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 01:00 | Australia | Consumer Inflation Expectation | May | 4.6% | 3.4% | |
| 01:30 | Australia | Unemployment rate | April | 5.2% | 8.3% | 6.2% |
| 01:30 | Australia | Changing the number of employed | April | 7 | -575 | -594.3 |
| 06:00 | Germany | CPI, m/m | April | 0.1% | 0.3% | 0.4% |
| 06:00 | Japan | Prelim Machine Tool Orders, y/y | April | -40.7% | -48.3% | |
| 06:00 | Germany | CPI, y/y | April | 1.4% | 0.8% | 0.9% |
| 06:30 | Switzerland | Producer & Import Prices, y/y | April | -2.7% | -4% |
The US dollar rose against the euro and declined against the yen. At the same time, the dollar rose against the currencies of the Asia-Pacific region on the background of demand for safe haven assets due to the weak forecast for the US economy.
The US authorities will need to spend more resources to ensure that the rapid measures they took in response to the COVID-19 crisis did not go in vain, according to Fed Chairman Jerome Powell.
"The scale and speed of the current economic downturn is unprecedented, and the current recession is significantly worse than any since world war II," Powell said.
The recovery of the US economy, he said, will be gradual, and providing additional assistance to homeowners and businesses by the state is justified if it wants to avoid long-term damage to the economy.
The dollar was also supported by Powell's words that the Fed does not plan to make the rate negative.
The ICE Dollar index, which shows the value of the us dollar against six major world currencies, rose by 0.04% compared to the previous trading day.
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