| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:00 | Switzerland | Gross Domestic Product (QoQ) | Quarter III | 0.1% | 0.3% | 0.2% |
| 08:00 | Switzerland | Gross Domestic Product (YoY) | Quarter III | 2.2% | 1% | 0.5% |
During today's Asian trading, the US dollar declined markedly against major currencies against the backdrop of speeches by key policymakers of the US Federal Reserve System (Fed).
The Fed may slow down the pace of interest rate hikes, but it does not plan to interrupt the process yet, said Loretta Mester, president of the Federal Reserve Bank of Cleveland. "It's very easy to focus only on the good news, but we don't want to give in to self-deception. The price of hastily stopping the cycle of monetary policy tightening is too high," she said. In 2022, Mester is among the voting members of the Federal Open Market Operations Committee (FOMC), which decides the level of interest rates.
In November, the Fed raised the rate by 75 basis points following the results of the fourth meeting in a row. Currently, the rate is at its maximum level since January 2008 - in the range of 3.75-4% per annum. The Fed is expected to raise the cost of borrowing by 50 basis points in December.
On Wednesday, Fed Chairman Jerome Powell is due to deliver a report on the prospects for the US economy and the labor market at the Brookings Institution event, which may give more information about the prospects for US monetary policy.
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 0.30% to 106.36.