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- Asian session review: the dollar consolidated against the euro and the yen
Asian session review: the dollar consolidated against the euro and the yen
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 01:30 | China | PPI y/y | January | -0.4% | 0.4% | 0.3% |
| 01:30 | China | CPI y/y | January | 0.2% | 0.0% | -0.3% |
| 07:00 | Germany | CPI, m/m | January | 0.5% | 0.8% | 0.8% |
| 07:00 | Germany | CPI, y/y | January | -0.3% | 1% | 1% |
| 07:45 | France | Industrial Production, m/m | December | -0.7% | 0.2% | -0.8% |
During today's Asian trading, the US dollar was trading steadily against the euro and the yen.
The ICE Dollar index, which shows the value of the US dollar against six major world currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.10%.
Expectations that the U.S. economy will recover faster than other countries, thanks to active vaccination against COVID-19, will support the dollar in the short term, analysts at TD Securities said.
The trend towards a stronger dollar, however, will not last long, as the effects of mass vaccination will begin to affect other countries in the second half of the year.
The focus of traders ' attention is the ongoing discussion in the United States of the $1.9 trillion stimulus package proposed by President Joe Biden. The adoption of a new program of measures to support the economy is extremely important to stimulate consumer spending in the country, promote more active vaccination and, accordingly, strengthen the growth rate of the American economy, analysts say.
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