- Asian session review: Japanese yen rose against the dollar and euro
Market news
Asian session review: Japanese yen rose against the dollar and euro
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:45 | France | Consumer spending | October | -4.4% | 2.9% | 3.7% |
| 07:45 | France | CPI, m/m | November | 0% | 0.1% | 0.2% |
| 07:45 | France | CPI, y/y | November | 0% | 0.1% | 0.2% |
| 07:45 | France | GDP, q/q | Quarter III | -13.8% | 18.2% | 18.7% |
| 08:10 | Germany | German Buba President Weidmann Speaks |
During today's Asian trading, the US dollar declined against the euro and the japanese yen.
The yen also strengthened against other currencies as risk aversion was driven by concerns about the effectiveness of the coronavirus vaccine.
The ICE index, which tracks the dollar's performance against six currencies (the euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.13%.
The dollar hit its lowest level in more than 2 years against a basket of currencies this week, with investors and analysts believing that its weakening will continue.
"The dollar appears to be significantly overvalued, with investors primarily invested in us assets," said Goldman Sachs Group strategist Christian Mueller-Glissman. In his opinion, factors such as the high price of US stocks, interest rates that do not keep up with inflation and the global economic recovery should put pressure on the dollar.
The US currency has fallen since the beginning of November on news about the development of COVID-19 vaccines, as well as on the background of reduced uncertainty related to the US presidential election.
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