Asian session review: the dollar fell against most major currencies

The US dollar fell against the euro and the yen, and the Australian national currency rose significantly on the news of a record increase in retail sales in March.

The US currency strengthened the day before, mainly due to risk aversion against the backdrop of a collapse in oil prices, which increased concerns about global demand.

Meanwhile, the US Senate on Tuesday passed a bill on a new $484 billion package of support for small businesses and hospitals. Most of the funds ($320 billion) are planned to be used for a loan program to pay employees during the pandemic. The house of representatives can vote on the bill as early as Thursday.

The Australian dollar rose after data showed that retail sales in the country in March jumped by 8.2% compared to February. The growth rate was a record, which is explained by the high demand for food and basic necessities in conditions of isolation. Reserve Bank of Australia Governor Philip Lowe on Tuesday said that the Australian economy in the first half of the year may fall at the highest rate since the great depression.

The ICE Dollar index, which shows the value of the dollar against six major world currencies, fell by 0.14% compared to the previous day.