Market news

5 October 2021

Asian session review: the US dollar rose against major currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaANZ Job Advertisements (MoM)September-2.7%0.7%-2.8%
00:30AustraliaTrade Balance August12.65010.315.077
01:30AustraliaRetail Sales, M/MAugust-2.7%-1.7%-1.7%
03:30AustraliaAnnouncement of the RBA decision on the discount rate 0.1%0.1%0.1%
06:45FranceIndustrial Production, m/mAugust0.5%0.3%1%


During today's Asian trading, the US dollar strengthened against the euro and the yen after weakening at the end of the previous session.

The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.2%.

The focus of the market this week will be data on the US labor market, which will be released on Friday. Experts on average expect an increase in the number of jobs by 488 thousand.

Employment growth rates will be sufficient for the Federal Reserve System to begin winding down the asset purchase program this year, experts say.

MUFG analysts earlier raised the forecast of the dollar against the euro at the end of this year to $1.15 from the previously expected $1.2 due to the expected curtailment of the asset purchase program by the Federal Reserve. In addition, the dollar will be supported by its status as a "safe haven" currency, which is especially important in the context of deteriorating prospects for the global economy against the background of deepening supply chain problems.

Oanda experts also consider the near-term prospects of the dollar favorable. The demand for the US currency as a safe haven asset is supported by the increasing tensions between the US and China, as well as the risks associated with the possible consequences of the debt problems of the Chinese developer China Evergrande for the economy.

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