Ekonomické zprávy

Asian session review: the US dollar shows negative dynamics

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaUnemployment rateJanuary3.5%3.5%3.7%
00:30AustraliaChanging the number of employedJanuary-19.920-11.5

During today's Asian trading, the US dollar declined moderately against major currencies, which was due to partial profit-taking after a significant increase yesterday. Investors also continue to evaluate the data on the US economy and their possible impact on the policy of the Federal Reserve System (Fed).

Yesterday, the US Department of Commerce reported that retail sales increased by 3% in January compared to December, recording the most significant increase since March 2021. Meanwhile, the volume of industrial production in January did not change compared to the previous month. Consensus estimates suggested an increase of 0.5%.

Recent statements by Fed's policymakers indicate that they generally support further interest rate increases to combat inflation. In particular, the head of the Federal Reserve Bank of Richmond, Thomas Barkin, and his colleague from the Federal Reserve Bank of Dallas, Lorie Logan, spoke about this. Barkin said that the Fed "needs to do more to combat inflation," and Logan noted that the Central Bank "will have to raise the rate longer than previously expected."

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) fell by 0.2%, to 103.73. Yesterday the index rose by 0.67%, and reached a 5-week high.

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