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- Asian session review: the dollar consolidated against major currencies
Asian session review: the dollar consolidated against major currencies
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 00:30 | Australia | Westpac Consumer Confidence | June | 113.1 | 107.2 | |
| 01:00 | New Zealand | ANZ Business Confidence | June | 1.8 | -0.4 | |
| 01:30 | China | PPI y/y | May | 6.8% | 8.5% | 9% |
| 01:30 | China | CPI y/y | May | 0.9% | 1.6% | 1.3% |
| 06:00 | Germany | Current Account | April | 30.0 | 21.3 | |
| 06:00 | Germany | Trade Balance (non s.a.), bln | April | 20.2 | 15.5 |
During today's Asian trading, the US dollar was trading steady against major currencies as investors awaited the release of US inflation data and a meeting of the European Central Bank (ECB) to assess the pace of the global economic recovery and policy makers ' thoughts on abandoning stimulus.
Investors are betting against the dollar, but are increasingly nervous about whether the end of the huge monetary stimulus is approaching, and fear that an interest rate hike could end the dollar's 15-month downward trend.
Some think tapering could be hastened, and the dollar boosted, if U.S. inflation runs hotter than the 0.4% monthly clip that economists expect. For the ECB, the focus is on any signs of an imminent slowdown to its bond buying programme.
Sterling has also stalled as doubt has crept in over whether rising cases of the coronavirus' Delta variant in Britain could delay business reopening plans scheduled for June 21.
The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell by 0.01%.
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