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24.11.2021

Asian session review: the US dollar consolidated against most major currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaConstruction Work DoneQuarter III0.8%-3.1%-0.3%
00:30JapanManufacturing PMINovember53.2 54.2
00:30JapanNikkei Services PMINovember50.7 52.1
01:00New ZealandRBNZ Interest Rate Decision 0.5%0.75%0.75%
02:00New ZealandRBNZ Press Conference    


During today's Asian trading, the US dollar traded steadily against the euro and the pound, rose against the Australian and New Zealand dollars, and fell against the yen.

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%.

The index is held at the highest level in 16 months after the nomination by US President Joe Biden of the current head of the Federal Reserve System Jerome Powell for a second term in office.

On Monday, Biden, who was choosing between Powell and Fed Board member Brainard, decided in favor of Powell. Brainard has been nominated for the position of deputy chairman of the Fed.

Many experts believe that by nominating Powell for a second term, Biden gives him a mandate to tighten monetary policy in order to curb inflation: rapid curtailment of the asset repurchase program, followed by an increase in the interest rate. According to many, Powell will adhere to a more "hawkish" policy than Brainard could.

The Turkish lira continued to decline against the dollar on the statements of President Erdogan, which allowed investors to conclude that the Turkish Central Bank, which once again lowered the base rate last week, will not raise it in the foreseeable future.

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