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Ekonomické zprávy

Asian session review: the US dollar was trading steadily against major currencies

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomPSNB, blnMarch-12.5-22.94-20.71
06:00SwitzerlandTrade BalanceMarch2.4 3.1

During today's Asian trading, the US dollar consolidated against major currencies after a significant decline yesterday, as investors are cautious ahead of the publication of important US data.

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 0.01% to 101.36. Yesterday the index fell by 0.43%.

On Thursday, the U.S. Department of Commerce will release its preliminary estimate of GDP for the first quarter, while the Commerce Department will release weekly statistics on applications for unemployment benefits. On Friday, the core personal consumption expenditure price index (PCE), the Fed's preferred inflation indicator, will be released. These data may affect investors' expectations regarding the future of the Fed's interest rates. According to the CME FedWatch Tool, markets see an 86% chance of another 25 basis point rate hike at the Fed's May meeting, bringing them up to 5.00-5.25% - a level at which they are likely to remain at least until November.

The yen fell 0.2% against the US dollar, as Bank of Japan new governor Kazuo Ueda has been signaling he is not in a hurry to shift policy. This week's BOJ meeting, which concludes on Friday, is his first in charge. During his speech in the Japanese parliament today, Kazuo Ueda stated the expediency of further support for the current program of controlling the yield curve and the soft monetary policy. Ueda also added that Japan's bond yields are now generally fluctuating smoothly. At the same time, the head of the Central Bank noted that if wages and inflation rise more than predicted, the Bank of Japan will tighten monetary policy, for example, by raising interest rates.

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