Ekonomické zprávy

Asian session review: the US dollar is showing negative dynamics

TimeCountryEventPeriodPrevious valueForecastActual
00:00AustraliaConsumer Inflation ExpectationMarch5.1% 5%
00:30AustraliaRBA Bulletin    
00:30AustraliaUnemployment rateFebruary3.7%3.6%3.5%
00:30AustraliaChanging the number of employedFebruary-10.948.564.6
04:30JapanIndustrial Production (MoM) January0.3%-4.6%-5.3%
04:30JapanIndustrial Production (YoY)January-2.4% -3.1%

During today's Asian trading, the US dollar declined moderately against major currencies amid partial profit-taking after yesterday's rally. Improving risk appetite also puts pressure on the US currency, which is considered a safe haven asset.

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 0.32% to 104.31. Yesterday, the index rose by 1.02%.

Yesterday, the National Bank of Saudi Arabia, the largest shareholder of Credit Suisse, ruled out further investments in an institution trying to stabilize its financial position due to regulatory restrictions. This statement raised fears that Credit Suisse may soon face more serious problems, which undermines the credibility of both the bank itself in particular and the banking industry in general. However, Credit Suisse said today that it plans to borrow up to 50 billion Swiss francs from the Swiss Central Bank as a "decisive measure to proactively strengthen its liquidity."

Today, investors' main attention will be focused on the ECB meeting. As recently as last week, most experts expected the ECB to raise its key interest rate by 0.5% following its March meeting. But against the background of recent events in the banking sector, money markets have sharply changed their expectations regarding the ECB's policy. Now the markets estimate a 60% probability of an ECB rate hike by 0.25% at today's meeting. At the beginning of Wednesday, they estimated a 90% probability of a 0.5% rate hike.

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