Asian session review: the US dollar declined against major currencies

During today's Asian session, the US dollar declined against the euro, yen and other world currencies in anticipation of the Federal reserve meeting.

The Federal reserve is holding its first meeting on September 15-16 since approving the new long-term strategy at the end of August. Experts believe that the Fed will maintain a "dovish" mood at the upcoming meeting, as the US economy, recovering from the crisis caused by the coronavirus pandemic, still needs support.

Economists expect that the new strategy of the Federal reserve, which provides for a more lenient approach to monetary policy, will be reflected in concrete measures to support the economy, given that the prospects for approval by the US authorities of the next portion of budget incentives are becoming more doubtful.

The ICE index, which tracks the dynamics of the US dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell by 0.15%.

Growing hopes for the imminent appearance of a COVID-19 vaccine reduce the attractiveness of the dollar as a "safe haven" asset, experts say. Despite the sharp decline in economic activity in the world due to quarantine measures, the appearance of the vaccine will give a boost to the growth of the global economy.