- Asian session review: the US dollar declined against major currencies
Market news
Asian session review: the US dollar declined against major currencies
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 00:30 | Japan | Manufacturing PMI | May | 53.6 | 53 | |
| 01:00 | Australia | MI Inflation Gauge, m/m | May | 0.4% | -0.2% | |
| 01:30 | Australia | Company Gross Profits QoQ | Quarter I | -4.8% | 3% | -0.3% |
| 01:30 | Australia | Building Permits, m/m | April | 18.9% | -10% | -8.6% |
| 01:30 | Australia | Current Account, bln | Quarter I | 16.0 | 17.9 | 18.3 |
| 01:45 | China | Markit/Caixin Manufacturing PMI | May | 51.9 | 51.9 | 52 |
| 04:30 | Australia | Announcement of the RBA decision on the discount rate | 0.1% | 0.1% | 0.1% | |
| 06:00 | United Kingdom | Nationwide house price index, y/y | May | 7.1% | 9.2% | 10.9% |
| 06:00 | United Kingdom | Nationwide house price index | May | 2.3% | 0.8% | 1.8% |
| 06:30 | Switzerland | Retail Sales (MoM) | April | 22.1% | -4.4% | |
| 06:30 | Switzerland | Retail Sales Y/Y | April | 23.1% | 35.7% | |
| 07:00 | Switzerland | Gross Domestic Product (YoY) | Quarter I | -1.6% | -0.2% | -0.5% |
| 07:00 | Switzerland | Gross Domestic Product (QoQ) | Quarter I | 0.3% | -0.5% | -0.5% |
During today's Asian trading, the pound rose against the US dollar amid growing expectations that the UK economy will quickly gain strength thanks to the country's successful COVID-19 vaccination campaign. The US dollar also declined slightly against the euro and was unchanged against the yen.
"Thanks to the progress in vaccination, Britain is closer to economic normalization than other countries. The pound may rise to $1.45, " analysts at Ueda Harlow Ltd said.
According to estimates by Bloomberg and Johns Hopkins University, at the current rate of vaccination in the UK within a month, the proportion of the country's population who received two doses of the coronavirus vaccine will reach 75%.
The improved outlook for the British economy contributes to the growth of expectations that the Bank of England may soon think about a gradual curtailment of stimulus measures. The market estimates a 46% chance of the Bank of England raising its benchmark interest rate by August 2022.
The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.3%.
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