Market news

25 May 2020

Asian session review: the dollar rose against the euro, yen and yuan

TimeCountryEventPeriodPrevious valueForecastActual
06:00GermanyGDP (QoQ)Quarter I-0.1%-2.2%-2.2%
06:00GermanyGDP (YoY)Quarter I0.4%-2.3%-2.3%
06:30SwitzerlandIndustrial Production (YoY)Quarter I1.4% 0.8%


During today's Asian trading, the US dollar rose against the euro and the yen. The US currency is also rising in value in a pair with the Chinese yuan amid growing tensions between the two countries.

The euro is under pressure after the publication on Friday of the minutes of the last meeting of the European Central Bank (ECB), which showed that the Central Bank's management does not expect a "V-shaped" recovery of the Euro zone economy after the crisis caused by the coronavirus pandemic.

The minutes also note that the ECB should be ready to adjust the Pandemic Emergency Purchase program (PEPP), as well as its other instruments, if it sees that the scale of the stimulus measures already introduced is insufficient.

The ICE index, which tracks the dollar's performance against six currencies (the euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.06%.

The US dollar exchange rate against the yuan rose by 0.18% to 7.1421 yuan. Growing tensions between Washington and Beijing may lead to a rise in the dollar above the three - month forecast rate of Goldman Sachs-7.15 yuan/$1, analysts at the investment bank say.

Relations between the US and China deteriorated sharply after Washington accused the Chinese authorities of not disclosing information about the outbreak of coronavirus infection quickly enough. In addition, the parties disagree on the issue of Hong Kong, where Beijing is seeking to strengthen its leadership.

Over the weekend, Chinese foreign Minister Wang Yi said that certain forces in the United States are pushing countries towards a new "cold war", calling on Washington to abandon attempts to change China.

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