Market news

22 June 2020

Asian session review: the dollar fell slightly against major currencies

The US dollar fell slightly, but remained near the highs of last week on the background of increased demand for safe-haven currencies due to the danger of a second wave of coronavirus.

The Australian dollar rose slightly in price after the head of the country's Central Bank, Philip Lowe, made it clear that he was not concerned about the recent strengthening of the currency, and said that the consequences of the COVID-19 pandemic will not be as serious as the Central Bank initially feared.

However, there is more negative news at the moment. In particular, the World health organization on Sunday reported a record increase in the incidence of diseases in the world. The total number of cases of coronavirus infection worldwide currently exceeds 8.8 million, and the focus is now on whether this will lead to new bans and restrictions from the US authorities. Although this seems unlikely, local restrictions have been re-introduced in Beijing and the Australian state of Victoria.

Barclays Bank said that the growth of the euro is possible if the data on PMI indices, which will be released on Tuesday, exceeds the expectations of economists. In addition to the PMI data on Tuesday and surveys of investor sentiment in Germany, market participants will also expect data on consumer sentiment in the US.

The pound held just above a three-week low, weighed down by the prospect of a no-deal Brexit, as little progress was made in trade discussions between the UK and the European Union.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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