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- Asian session review: the dollar declined against the euro, yen and pound
Asian session review: the dollar declined against the euro, yen and pound
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 00:30 | Australia | Westpac Consumer Confidence | June | 88.1 | 93.7 | |
| 01:30 | China | PPI y/y | May | -3.1% | -3.3% | -3.7% |
| 01:30 | China | CPI y/y | May | 3.3% | 2.7% | 2.4% |
| 06:45 | France | Industrial Production, m/m | April | -16.2% | -20% | -20.1% |
The US dollar is falling against the euro and the yen, while traders are waiting for the outcome of the Federal reserve meeting. The pound is rising against the dollar and euro.
Meanwhile, Bank of America analysts expect the dollar to continue to strengthen against the backdrop of growing demand for safe haven assets in the coming months, as the pace of global economic recovery is likely to disappoint the market.
The Fed on Wednesday will sum up its two-day meeting and release forecasts for the US economy for the first time in six months. The Fed declined to publish economic forecasts in March amid extremely high uncertainty about how the situation in the us economy will develop in the context of the coronavirus pandemic.
Many economists expect that the Federal reserve will publish a forecast of a significant decline in US GDP in 2020, while assuring markets that the base interest rate will remain at the current level-0-0. 25% per annum-for the next few years. This will confirm the" dovish " attitude of the Fed and its commitment to maintaining a very soft monetary policy, experts say.
The ICE Dollar index, which shows the value of the dollar against six major world currencies, fell by 0.14% compared to the previous day.
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