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17.11.2021

Asian session review: the US dollar was trading steadily against major currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaWage Price Index, q/qQuarter III0.4%0.5%0.6%
00:30AustraliaWage Price Index, y/yQuarter III1.7%2.2%2.2%
07:00United KingdomRetail Price Index, m/mOctober0.4%0.8%1.1%
07:00United KingdomProducer Price Index - Output (MoM)October0.7%0.8%1.1%
07:00United KingdomProducer Price Index - Input (YoY) October11.9%12.1%13%
07:00United KingdomProducer Price Index - Input (MoM)October0.8%1.1%1.4%
07:00United KingdomProducer Price Index - Output (YoY) October7%7.3%8%
07:00United KingdomRetail prices, Y/YOctober4.9%5.7%6%
07:00United KingdomHICP ex EFAT, Y/YOctober2.9% 3.4%
07:00United KingdomHICP, m/mOctober0.3%0.8%1.1%
07:00United KingdomHICP, Y/YOctober3.1%3.9%4.2%


During today's Asian trading, the US dollar consolidated against major currencies as market participants prepared for the publication of data on the US housing market.

The day before, the US dollar index rose above 96 points, reaching levels last recorded in July 2020, against the background of optimistic data on retail sales in the US in October. Sales increased by 1.7% compared to September, the Ministry of Commerce reported. Analysts had expected growth of 1.2%. Retail sales growth last month was the highest since March of this year, as consumers spend more ahead of the Christmas holiday season.

Meanwhile, the head of the Federal Reserve Bank of St. Louis, James Ballard, believes that the US Fed would be better off "sticking to a more hawkish direction" of monetary policy in order to keep the risk of accelerating inflation under control. He said the Fed could "accelerate the process of winding down" the asset repurchase program to $30 billion a month to complete it by the end of the first quarter.

Another example of a more "hawkish" approach may be considering the possibility of raising rates before the end of the asset repurchase program. Until now, the Fed has signaled that it does not want to raise rates before the program ends.

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 0.04%.

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