Asian session review: the dollar was trading steadily against major currencies

During today's Asian trading, the US dollar consolidated against major currencies, remaining near the current year's high.

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 by 0.03%.

The dollar index has grown significantly recently amid expectations that the US Federal Reserve System will begin to curtail stimulus measures in November and raise rates next year.

The Fed still expects that the period of high inflation will end, but it is difficult to determine specific deadlines, Fed Chairman Jerome Powell said on Thursday. The price increase this year is the result of problems "on the supply side that we cannot control," he said. Powell acknowledged that the Central Bank may face difficult decisions next year if inflation remains high while unemployment rises.

The House of Representatives of the US Congress on Thursday approved a temporary budget for the 2022 fiscal year in order to avoid the termination of funding for public institutions. It was approved by 254 votes in favor, 175 congressmen voted against it. After that, the document was signed by US President Joe Biden, the White House said. The "Law on the expansion of State funding and emergency assistance" will be in effect until December 3, 2021.