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

TimeCountryEventPeriodPrevious valueForecastActual
05:00JapanCoincident IndexMarch98.7 98.7
05:00JapanLeading Economic Index March98.297.997.5
06:00GermanyCPI, m/mApril0.8%0.4%0.4%
06:00GermanyCPI, y/y April7.4%7.2%7.2%

During today's Asian trading, the US dollar consolidated against major currencies, as market participants are cautious ahead of the publication of important US inflation data, which may affect expectations for further Fed action.

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 101.61. Yesterday the index rose by 0.18%.

As for the data, the April US CPI report will be released at 12:30 GMT. Economists forecast that overall inflation remained at 5.0%, while core inflation fell to 5.5% from 5.6% in March. After Fed Chairman Jerome Powell signaled a pause in the rate hike cycle last week, markets predict that US interest rates are likely to remain unchanged at the next two Fed meetings - in June and July - after which the Fed is likely to start lowering them, while at least two rate cuts by 0.25% are expected by the end of the year.

Investors also continue to monitor the situation in Washington, where US lawmakers are deadlocked on the issue of increasing the debt ceiling. Yesterday, US President Biden and Speaker of the House of Representatives Kevin McCarthy failed to reach a compromise on raising the US debt limit, but they agreed to further talks and committed their aides to daily. Biden, McCarthy and the three other top congressional leaders are set to meet again on Friday.

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