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- Asian session review: the dollar fell against most major currencies
Asian session review: the dollar fell against most major currencies
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 04:30 | Japan | Industrial Production (MoM) | June | -8.9% | 2.7% | 1.9% |
| 04:30 | Japan | Industrial Production (YoY) | June | -26.3% | -17.7% | -18 |
During today's Asian trading, the dollar declined against most currencies. Uncertainty around the adoption of a new package of measures to support the US economy continues to put pressure on the dollar. In addition, the US and China postponed trade talks that were scheduled for last weekend.
The yen is falling against the euro and is growing weakly against the dollar after the release of data on a record fall in Japan's GDP in the second quarter. Japan's economy in the second quarter of 2020 fell by 7.8% compared to the previous three months after a 0.6% decline in the first quarter, according to preliminary official data. The decline in GDP was recorded for the third consecutive quarter and became a record, due to the negative impact of the COVID-19 coronavirus pandemic. Analysts on average predicted a 7.6% drop in GDP.
The yuan is rising against the dollar. The People's Bank of China (PBOC, the country's Central Bank) kept the rate on loans issued under the medium-term lending program (MLF) at 2.95% per annum, and also poured 700 billion yuan into the banking system under this program.
The ICE U.S. Dollar index, which shows the value of the us dollar against six major world currencies, fell 0.18% from the previous day.
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