Asian session review: the euro continued to grow against the dollar

During today's Asian trading, the euro continued to grow against most "safe" currencies on optimism about the Franco-German initiative to restore the European economy after the crisis caused by the COVID-19 pandemic.

France and Germany launched a joint initiative on Monday for the post - crisis recovery of the European economy-the creation of a Fund of 500 billion euros of budget funds.

According to analysts, the euro has every chance to overcome the symbolic mark of $1.1 this week.

The ICE Dollar index, which shows the value of the us dollar against six major world currencies, rose by 0.12% compared to the previous trading day.

Traders were also assessing the speeches of US Treasury Secretary Steven Mnuchin and Federal reserve Chairman Jerome Powell to the US Senate banking Committee on Tuesday.

According to Mnuchin, the US will emerge from the COVID-19 coronavirus pandemic stronger than ever before. He also said that the Ministry of Finance is ready to increase the amount of money provided to the Federal reserve system, and take on more risks in the framework of lending programs.

Meanwhile, Powell noted that the Federal reserve and the Finance Ministry can do more to help the economy. He believes that the main support programs of the fed will work until the end of this month or in the first week of June.

The pound fell slightly against the US dollar on the background of inflation data for the UK.

Consumer prices in the UK in April 2020 increased by 0.8% in annual terms, according to data from the National statistics office. Thus, inflation slowed down compared to March's 1.5%. Experts on average expected a slowdown in consumer price growth to 0.9%.