• Asian session review: the dollar rose against most major currencies

Market news

7 July 2020

Asian session review: the dollar rose against most major currencies

TimeCountryEventPeriodPrevious valueForecastActual
04:30AustraliaAnnouncement of the RBA decision on the discount rate 0.25%0.25%0.25%
05:00JapanLeading Economic Index May77.7 79.3
05:00JapanCoincident IndexMay80.1 74.6
06:00GermanyIndustrial Production s.a. (MoM)May-17.5%10%7.8%
06:45FranceTrade Balance, blnMay-5.1 -7.1
07:00Switzerland Foreign Currency ReservesJune816.3 850.1


During today's Asian trading, the US dollar rose against most currencies. Traders continue to closely monitor the situation with coronavirus in the United States and other countries. Fears of a possible return of restrictive measures in the event of a second wave of pandemics are curbing risk appetite in financial markets.

New COVID-19 outbreaks are reported in various regions of the world - from Japan to Iran and Australia, and in the United States, the number of infected since the beginning of the pandemic has exceeded 3 million. A number of American States, including California, Florida and Texas, were forced to return some of the previously canceled restrictive measures.

At the same time, investors are aware that the current situation in the US economy, although it remains difficult, is not as severe as could be expected in March or April. The market is beginning to understand that many American companies can expect better results, experts say.

The Australian dollar is getting cheaper. The Reserve Bank of Australia (RBA) did not change the key parameters of monetary policy at the end of the meeting on Tuesday. The regulator kept the base interest rate at a record low of 0.25% per annum, and the target yield of three-year government bonds-also at 0.25%. The Central Bank notes that the country's economy is "experiencing the greatest decline since the 1930s", but " conditions have recently stabilized, and the decline was not as significant as previously expected."

The ICE index, which tracks the dynamics of the us dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose by 0.17%.

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