Market news
29.03.2021, 06:59

Asian session review: the dollar rose against most currencies

During today's Asian trading, the US dollar rose against the euro and declined against the yen.

"The euro is falling for three reasons: economic recovery, fiscal support for this recovery, and vaccination," analysts at Commerzbank said.

The market is betting on a rapid recovery in the US economy thanks to the economic support plan promoted by US President Joe Biden and the rapid vaccination against the COVID-19 coronavirus. Meanwhile, a new outbreak in Europe and slower vaccination rates threaten to slow the economic recovery.

White House Press Secretary Jen Psaki said Joe Biden on Wednesday will unveil the first part of his infrastructure investment plan totaling more than $3 trillion.

The Australian dollar fell 0.1% against the US dollar amid reports that Brisbane, the administrative center of the state of Queensland, will enter a three-day lockdown from Monday after several local cases of coronavirus transmission were detected.

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.10%.

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