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17.02.2022

Asian session review: the US dollar traded mixed against major currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaUnemployment rateJanuary4.2%4.2%4.2%
00:30AustraliaChanging the number of employedJanuary64.7 12.9
07:00SwitzerlandTrade BalanceJanuary3.7 2.2


During today's Asian trading, the US dollar declined against the pound, the yen, as well as the Australian and New Zealand dollars, but rose against the Canadian dollar and the euro.

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 by 0.08% after yesterday's 0.30% decline.

Market participants continue to analyze the minutes of the January meeting of the Federal Reserve System (Fed), published yesterday. Despite the fact that the minutes showed nothing new compared to recent statements by Fed leaders, investors were somewhat reassured by the absence of new, even more "hawkish" signals in it.

"We see that the Fed policymakers have not seriously discussed the possibility of starting a policy tightening cycle by raising the rate by 50 basis points at once or the possibility of raising it at each of the seven remaining meetings this year," analysts at Capital Economics noted.

The minutes showed that Fed policymakers are open to a faster rate hike during this year, and are also ready to take other measures to tighten monetary policy if inflation remains at a high level.

Several representatives of the Fed supported the termination of the asset repurchase program ahead of schedule, however, following the meeting, it was decided not to change the term of the program, which is due to end in March. Fed officials also talked about the feasibility of raising rates, discussing the possibility of the first increase already at the March meeting, the minutes show.

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