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Asian session review: the US dollar has stabilized against major currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaCompany Gross Profits QoQQuarter IV-11.5%1.5%10.6%
05:00JapanLeading Economic Index December97.7 97.2
05:00JapanCoincident IndexDecember99.3 99.1

During today's Asian trading, the US dollar consolidated against major currencies, while investors continued to overestimate the prospects for the Fed's monetary policy.

Data released on Friday indicated that the high level of inflation in the United States remains. This may push the Federal Reserve System to raise interest rates to a higher level and not lower them for a longer period of time.

Federal Reserve Bank of Cleveland President Loretta Mester said Friday that higher inflation indicates the need for further interest rate hikes. At the same time, she refrained from speculating whether it is necessary to raise the rate by 50 basis points at once at the March meeting. "The inflation figures are still not where we need them," she said. "The latest data is consistent with the fact that the Fed needs to do a little more on the rate to make sure that inflation is slowing down again."

According to CME FedWatch Tool, markets are now seeing a 27.7% probability of a 50-basis-point rate rise at the Fed’s March gathering, compared to 0.0% a month ago. Also, they are pricing in at least a 55.8% chance that the target range for the federal funds rate will be hiked to 5.25% to 5.50% in June, compared to 3.7% a month ago.

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 0.03% to 105.21.

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