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

During today's Asian trading, the US dollar fell against the euro and pound, but rose slightly against the yen. The dollar exchange rate is near a two-year low in the pair with the euro.

Former Vice-President of the United States Joe Biden was elected as the candidate for President of the United States from the Democratic party, according to the results of voting at the online Convention.

On Wednesday, the minutes of the meeting of the Federal Open Market Committee from July 28-29 are expected to be published. In addition, traders are waiting for signals from the Federal reserve Bank conference in Kansas city at the end of August.

"Hot topics are sure to be controlling the yield curve, suppressing the financial sector through digital currencies and keeping high inflation. However, in the long term, everything will depend more on the readiness to realize the potential of these measures with the help of fiscal policy, " said John hardy, chief currency strategist at Saxo Bank.

The yen is getting cheaper. The drop in Japanese exports slowed in July on the back of increased shipments to China for the first time in seven months, but was recorded for the 20th consecutive month. Exports fell by 19.2% compared to July last year. Imports last month fell by 22.3% to 5.36 trillion yen. The decline was recorded for the 15th consecutive month. Japan's foreign trade surplus in July was 11.6 billion yen, compared with a deficit of 254 billion yen in the same month last year. The surplus was recorded for the first time in four months.

The pound is getting more expensive. Traders are watching the next round of negotiations on a new trade agreement between the UK and the European Union. Meanwhile, consumer prices in the UK in July 2020 rose by 1% in annual terms, according to data from the National statistics office. Thus, inflation accelerated compared to June's 0.6%.

The ICE U.S. Dollar index, which shows the value of the us dollar against six major world currencies, rose 0.03% on Wednesday from the previous day.