Ekonomické zprávy

Asian session review: the US dollar is showing positive dynamics

TimeCountryEventPeriodPrevious valueForecastActual
01:45ChinaMarkit/Caixin Services PMIJanuary48 52.9
07:45FranceIndustrial Production, m/mDecember2%0.2%1.1%

During today's Asian trading, the US dollar rose moderately against major currencies, continuing yesterday's increase due to the results of the ECB and Bank of England meetings.

The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.21% to 101.96 Yesterday the index added 0.53%.

Both the European Central Bank (ECB) and the Bank of England raised key interest rates by 50 basis points (bp) on Thursday, and the ECB said it intends to increase them by the same amount at the next meeting, which will be held in March.

The British Central Bank lowered the country's inflation forecasts for 2023-2025, while ECB President Christine Lagarde said that the risks to both economic growth and inflation in the eurozone have become more balanced.

A day earlier, the Federal Reserve raised its base rate by 25 basis points. At the previous meeting, the rate was increased by 50 bps, and before that it had risen by 75 bps four times. The head of the Fed, Jerome Powell, admitted for the first time that "the disinflationary process has begun." He also said that the rate would not exceed 5%, and repeated that the Federal Reserve could achieve a slowdown in inflation without causing significant damage to the economy.

Today, investors will focus on the January nonfarm payrolls report. According to forecasts, the number of employed increased by 185 thousand in January after an increase of 223 thousand in December, while the unemployment rate increased to 3.6% from 3.5%.

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