Ekonomické zprávy

Asian session review: the US dollar is showing positive dynamics

TimeCountryEventPeriodPrevious valueForecastActual
00:30JapanNikkei Services PMIApril55.0 54.9
00:30JapanManufacturing PMIApril49.2 49.5
06:00United KingdomRetail Sales (MoM)March1.1%-0.5%-0.9%
06:00United KingdomRetail Sales (YoY) March-3.3%-3.1%-3.1%
07:15FranceServices PMIApril53.953.456.3
07:15FranceManufacturing PMIApril47.347.845.5

During today's Asian trading, the US dollar rose moderately against most major currencies, offsetting yesterday's drop. The US currency is supported by the increased likelihood of further tightening of the Fed's monetary policy at the May meeting. In addition, investors are preparing for the publication of PMI indices, which may clarify the current state of the US economy. According to the CME FedWatch Tool, markets see an 82.6% chance of the Fed raising interest rates by 25 basis points next month, bringing them to a range of 5.00-5.25%. Meanwhile, rate cuts are being priced in as early as July through to the end of the year, with rates seen just above 4.5% in December.

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 0.19% to 102.03. Yesterday the index fell by 0.18%.

The yen rose by 0.25% against the US dollar on the back of Japan's inflation data. The Ministry of Internal Affairs and Communications said that in March, the overall CPI rose by 3.2% per annum, as expected, after an increase of 3.3% per annum in February. On a monthly basis, inflation rose 0.4% - exceeding expectations for a gain of 0.1% following the 0.6% decline in the previous month. The core CPI, which excludes volatile food prices, rose 3.1% per annum after a similar increase in February. Index hitting a four-decade high, putting pressure on the Bank of Japan (BOJ) to shift away from its ultra-loose monetary policy stance.

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