Asian session review: the dollar has stabilized against major currencies

The US dollar was little changed against the major currencies, despite an increase in demand for safe-haven currencies due to a continued increase in new cases of coronavirus. In the United States, the number of new COVID-19 cases increased by 46% in the week ending June 28 from the previous seven days, with 21 states reporting positive test rates above the level marked as alarming by the world Health Organization. Every day, the number of new COVID-19 diseases in the US has again stepped over the threshold of 40 thousand. Moreover, a well-known epidemiologist, Mr. Fauci, suggested in his statement that the figure may go above 100 thousand people a day, adding that the state authorities do not control the situation. Some States continue to re-impose restrictions or stop exiting quarantines (Texas reported nearly 7,000 cases and an increase in deaths).

Jerome Powell, Chairman of the Federal reserve, warned that without a fight against the disease, the economy will not return to the levels where it was before the quarantine. His colleague John Williams of the new York Fed said there are signs that states with outbreaks are seeing a slow recovery. World Health Organization President Tedros Adhanom Ghebreyesus said the coronavirus pandemic is far from over, although many countries have made some progress.

The Chinese yuan was supported by strong statistical data. According to statistics from Caixin, China's manufacturing sector continued to expand at a rapid pace in June. Thus, the manufacturing PMI index rose in June to 51.2, while most economists predicted a slowdown to 50.5. In May, the PMI index was 50.7.