Market news

26 May 2020

Asian session review: the dollar declined against the euro and pound

TimeCountryEventPeriodPrevious valueForecastActual
04:30JapanAll Industry Activity Index, m/mMarch-0.7% -3.8%
06:00GermanyGfk Consumer Confidence SurveyJune-23.1-18.3-18.9


During today's Asian trading, the US dollar fell against the euro, the pound, and Asian currencies, but strengthened against the yen.

Demand for the dollar, as well as other safe haven assets, including the yen, is declining amid the gradual lifting of restrictions imposed around the world to curb the spread of COVID-19 coronavirus infection.

In Japan, the day before, the state of emergency, introduced earlier because of the coronavirus, was canceled. India is gradually resuming domestic flights, and more and more restrictive measures are being lifted in European countries.

Meanwhile, the American pharmaceutical company Novavax reported that it has started clinical trials of the COVID-19 vaccine.

"The gradual removal of restrictions around the world, as well as new hopes for the emergence of a vaccine, weaken the attractiveness of the assets of the "safe haven", - said analysts at Oanda.

The ICE index, which tracks the dynamics of the us dollar against six currencies (the euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.3% in trading on Tuesday.

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