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- Asian session review: the dollar declined against major currencies
Asian session review: the dollar declined against major currencies
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 00:30 | Australia | National Australia Bank's Business Confidence | January | 5 | 10 | |
| 02:00 | New Zealand | Expected Annual Inflation 2y from now | Quarter I | 1.6% | 1.9% | |
| 06:00 | Japan | Prelim Machine Tool Orders, y/y | January | 9.9% | 9.7% | |
| 07:00 | Germany | Current Account | December | 21.2 | 28.2 | |
| 07:00 | Germany | Trade Balance (non s.a.), bln | December | 16.7 | 14.8 |
During today's Asian trading, the US dollar fell against the euro and the yen as investors reassess the resilience of the US economic recovery.
The ICE Dollar index, which shows the value of the US dollar against six major world currencies, fell by 0.24%.
"The currency market is in a state of uncertainty," said Societe Generale analyst Keith Jukes, who highlighted the mixed economic outlook in the US.
Although US unemployment fell to 6.3% in January, the number of jobs is growing at a slow pace, and the pandemic continues to negatively affect the labor market.
"This is a reminder that we are still far from full employment, which is the goal of the US Federal Reserve, and this should lower expectations of a tightening of US monetary policy," said MUFG analyst Lee Hardman.
At the same time, some economists believe that the adoption of a new $1.9 trillion stimulus package proposed by US President Joe Biden could lead to faster inflation, which will force the Fed to take action.
The Australian dollar rose 0.25% against the US dollar on the back of the Australian data. The Australian business confidence index rose to 10 points in January from 5 points a month earlier, according to data from National Australia Bank (NAB).
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