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- Asian session review: the US dollar consolidated against major currencies
Asian session review: the US dollar consolidated against major currencies
During today's Asian trading, the US dollar was trading steady as investors soaked up strong US employment report last week and awaited US services sector data that would confirm a solid economic rebound after the coronavirus shock.
In January-March, the dollar posted its best quarter against major currencies in nearly three years, thanks to an improving U.S. economy and higher treasury bond yields.
The U.S. currency is likely to build on these gains, analysts said, as investors look for ways to bet on the global economic recovery from the coronavirus pandemic.
The U.S. economy created more jobs than expected in March, according to data on Friday. However, there was little reaction from the foreign exchange market, as most of the major stock and bond markets were closed for the Easter holiday.
Overall, the dollar's outlook remains stable as the main economic momentum points to a stronger recovery. The Institute for Supply Management's report, due later on Monday, is expected to show that U.S. non-manufacturing activity grew at a faster pace in March.
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