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02.11.2021

Asian session review: the dollar declined slightly against major currencies

TimeCountryEventPeriodPrevious valueForecastActual
03:30AustraliaAnnouncement of the RBA decision on the discount rate 0.1%0.1%0.1%
07:30SwitzerlandRetail Sales (MoM)September1.4% 0.1%
07:30SwitzerlandRetail Sales Y/YSeptember0.8% 2.5%
07:30SwitzerlandConsumer Price Index (MoM) October0%0.1%0.3%
07:30SwitzerlandConsumer Price Index (YoY)October0.9%1.1%1.2%


During today's Asian trading, the US dollar consolidated against the euro, but declined against the yen, while investors are waiting for the Fed meeting.

The Fed is likely to unveil a plan for a sharp reduction in the quantitative easing (QE) program - in the amount of about $ 15 billion per month, while data on the growth of new jobs and unemployment in the country for October should at least coincide with the optimistic forecast of analysts, given that the momentum of recovery is resuming.

The Australian dollar fell 0.7% against the US dollar after the Reserve Bank of Australia (RBA) abandoned the policy of targeting the yield of three-year government bonds at 0.1%, and also made it clear that it could raise the base rate earlier than previously expected. Thus, the RBA is moving towards tightening policy, as are many other central banks.

"The decision to abandon further targeting of bond yields reflects an improvement in the economic situation and faster than expected progress towards our inflation target," said the head of the RBA, Philip Lowe.

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 0.05%.

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