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07.01.2022

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

TimeCountryEventPeriodPrevious valueForecastActual
06:45SwitzerlandUnemployment Rate (non s.a.)December2.5% 2.6%
07:00GermanyCurrent Account November17.6 18.9
07:00United KingdomHalifax house price indexDecember1.1% 1.1%
07:00United KingdomHalifax house price index 3m Y/YDecember8.2% 9.8%
07:00GermanyTrade Balance (non s.a.), blnNovember12.7 12
07:00GermanyIndustrial Production s.a. (MoM)November2.4%1%-0.2%
07:30SwitzerlandRetail Sales (MoM)November0.6% 1.3%
07:30SwitzerlandRetail Sales Y/YNovember2.2% 5.8%
07:45FranceConsumer spending November-0.6%0.5%0.8%
07:45FranceTrade Balance, blnNovember-7.7 -9.73
07:45FranceIndustrial Production, m/mNovember0.9%0.5%-0.4%
08:00Switzerland Foreign Currency ReservesDecember1006.4 944.532


During today's Asian trading, the US dollar declined slightly against most major currencies, offsetting yesterday's increase.

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 0.14%.

Market participants expect the publication of a key report on the US labor market (at 13:30 GMT), which may affect the prospects for the Fed's monetary policy. It is expected that in December the nonfarm payrolls increased by 400 thousand after an increase of 210 thousand in November. Economists also expect the unemployment rate to fall to 4.1% from 4.2% in November.

The day before, data showed that weekly initial jobless claims rose by 7,000 to a seasonally adjusted 207,000. Economists had expected 197,000 applications. Meanwhile, a report from ADP, presented on Wednesday, showed that in December the number of people employed in the US private sector increased by 807 thousand (the maximum growth in 7 months). In November, employment increased by 505 thousand.

Meanwhile, the minutes of the Fed's December meeting showed that policymakers are concerned about rising inflation, which, along with a tight labor market, could lead to the Fed raising rates earlier than expected and starting to reduce its assets. According to the CME FedWatch tool, traders currently estimate a 69% probability of a rate hike by at least 25 basis points at the March Fed meeting.

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