Asian session review: the dollar declined against major currencies

During today's Asian trading, the US dollar fell against major currencies after rising the day before at the results of the meeting of the Federal Reserve System (Fed).

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 0.21%

On the eve of the index jumped to the maximum value for a month after the Federal Reserve made it clear that it will soon begin to wind down the quantitative easing (QE) program and may raise the base rate earlier than expected.

The Fed may begin reducing the volume of asset purchases as early as November and finish this process by mid-2022, Federal Reserve Chairman Jerome Powell said during a press conference following the meeting.

The dot plot - a chart reflecting the individual expectations of members of the Fed's board of governors and heads of Federal Reserve Banks regarding interest rates - showed that 9 out of 18 Fed leaders expect a base rate increase in 2022. Moreover, three of them believe that the rate will be increased twice. 17 out of 18 people expect the rate to rise in 2023, and all 18 in 2024.

The pound rose by 0.2% against the dollar before today's meeting of the Bank of England. Experts mainly expect that the Bank of England will not change the main parameters of monetary policy.