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- Asian session review: the dollar was almost unchanged against the major currencies
Asian session review: the dollar was almost unchanged against the major currencies
During today's Asian trading, the US dollar consolidated against the euro, yen and pound.
Federal Reserve Chairman Jerome Powell, who spoke at the Economic Club of New York yesterday, said that the Fed does not intend to change its current policy and will continue to stimulate the economy through low interest rates and large-scale asset purchases.
The Fed is unlikely to "even think about scaling back stimulus" by raising rates or reducing its bond-buying program for the foreseeable future, Powell said.
He stressed the importance of fiscal stimulus, noting that monetary policy alone will not be enough to achieve a full recovery of the labor market, paralyzed by the coronavirus pandemic.
Powell also noted that he is less concerned about the prospect of increased inflation than the economic consequences of the coronavirus pandemic.
U.S. consumer prices rose 1.4 percent in January from the same month last year, the Labor Department said Wednesday. Similar inflation rates were recorded in December.
The ICE Dollar index, which measures the value of the US dollar against six major world currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell by 0.01%.
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