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26.10.2021

Asian session review: the dollar rose slightly against most currencies

During today's Asian trading, the US dollar rose against the euro and the yen, but fell against the pound and the Australian dollar.

The focus of the market's attention this week is the meetings of the European Central Bank (ECB), as well as the Bank of Japan, the results of which will be announced on Thursday. Experts expect that the ECB will maintain a "dovish" attitude, and the Bank of Japan will not change the parameters of monetary policy - despite reports that it is discussing the curtailment of the anti-crisis credit program.

In addition, traders are waiting for preliminary data on the dynamics of US GDP for the third quarter, which will be released on October 28. Experts predict a slowdown in the growth of the US economy in the last quarter to 3% from 6.7% in the previous quarter.

The Bank of England may start raising the interest rate as early as December, but this is unlikely to lead to a significant strengthening of the pound, as the rate increase is already embedded in the current exchange rate of the British currency, analysts say. Only a hawkish statement by the Bank of England, which will show that the Central Bank intends to raise the rate faster than the market expects, will support the pound.

The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.08%.

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