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- Asian session review: the US dollar was almost unchanged against the euro, but rose against the yen
Asian session review: the US dollar was almost unchanged against the euro, but rose against the yen
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 04:30 | Japan | Industrial Production (MoM) | December | -1% | 1.3% | 1.2% |
| 04:30 | Japan | Industrial Production (YoY) | December | -8.2% | -3% | -3.1% |
The US dollar traded steadily against the Euro, but rose against the yen amid some increased risk appetite in global markets due to a signal that China is ready to actively support the economy in the face of the spread of the coronavirus.
The People's Bank of China on Monday lowered the rate on loans issued under the medium-term lending program (MLF), hoping to reduce the cost of borrowing for businesses in the face of the spread of the coronavirus. As reported in the Central Bank's press release, the rate on loans for a year under MLF will be reduced to 3.15% from 3.25%.
Mizuho Bank experts noted that the Chinese Central Bank's stimulus measures reduce investors ' concerns about the possibility of a sharp slowdown in China's economic growth. This supports risk appetite and weakens demand for the yen, as well as other safe haven currencies.
The ICE Dollar index, which shows the value of the US dollar against six major world currencies, rose 0.01% from the previous day.
On Monday, US markets are closed due to the holiday (presidents ' Day), and trading activity is likely to be lower than usual.
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