Asian session review: the US dollar declined slightly

During today's Asian trading, the US dollar fell against the euro and the pound. At the same time, the dollar is held near the maximum level in three and a half months against the major currencies. The US dollar is supported by hopes for a faster recovery of the US economy after the crisis caused by the coronavirus pandemic, and the continued growth of US Treasuries yields.

Hopes for a recovery in the U.S. economy are growing amid the passage by the Senate over the weekend of a $1.9 trillion support package proposed by President Joe Biden.

A number of amendments were made during the consideration of the bill, and it will now be sent back to the House of Representatives for a final vote. Observers believe that the vote may take place this week. At the same time, there is a risk that it will not be possible to quickly complete the approval of the draft: at the request of moderate Democrats, the Senate was forced to make a number of significant changes to the text. However, now these changes may not please the left wing of the Democrats in the House of Representatives.

The yuan has stabilized against the dollar. The volume of Chinese exports in January-February 2021 increased by 60.6% compared to the same period a year earlier, amid increased global demand, as well as increased manufacturing activity in the United States and Europe. Exports in dollar terms jumped to $468.87 billion in two months, according to data from the General Customs Administration.

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.13%.