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- Asian session review: USD mixed amid increased worries over economic recovery
Asian session review: USD mixed amid increased worries over economic recovery
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:30 | Switzerland | SNB Interest Rate Decision | -0.75% | -0.75% |
USD traded mixed against other major currencies in the Asian session on Thursday as risk appetite waned after the European and the U.S. PMI surveys revealed on Wednesday a slowdown in business activity in these regions due to a setback in the services sector. It rose against AUD, NZD and CAD, fell against JPY and CHF, and changed little against EUR and GBP.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.06% to 94.34.
Recall, the flash manufacturing PMI readings for September showed expanding activity in Germany, the UK, and France, while activity in the services sector contracted in Germany and France, impacted by fresh coronavirus restrictions, imposed to fight rising numbers of coronavirus cases.
As for the U.S., manufacturing PMI pointed to the strongest expansion in factory activity since January 2019 in September, while services PMI pointed to a deceleration in the pace of activity growth at service providers.
This raised concerns that the new round of measures to curb a resurgence in coronavirus cases might put the economic recovery into jeopardy.
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