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- European session review: USD falls slightly as risk appetite improves as major economies reopen
European session review: USD falls slightly as risk appetite improves as major economies reopen
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 04:30 | Japan | Tertiary Industry Index | March | -0.7% | -4.2% |
USD fell against most other major currencies in the European session on Monday as investors' risk appetite improved slightly as major economies around the world and several U.S. states cautiously were returning to work amid slowing coronavirus infection rates.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, slipped marginally (-0.13%) to 100.28.
Market participants also digested the comments of the U.S. Federal Reserve Chairman Jerome Powell, who told CBS' "60 Minutes" on Sunday that full economic recovery could take more than a year and would likely require the arrival of a vaccine for the coronavirus. He predicted that the U.S. GDP could shrink more than 30% in the second quarter and unemployment would peak between 20-25%, but added that the economy was seen to avoid a Depression-like downturn over the longer term. Powell also said the Fed was not out of ammunition to help the economy get through the coronavirus pandemic but urged the U.S. Congress to do more.
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