Asian session review: the dollar declined against most major currencies

During today's Asian trading, the US dollar fell against most major currencies. At the same time, the dollar rose against the yen. Experts note that the "dovish" statements of the Fed Chairman Jerome Powell and the growing expectations of large-scale budget spending in the country contribute to an increase in demand for riskier assets.

Speaking before the House Financial Services Committee on Wednesday, Powell said that the focus remains on the recovery of the economy affected by the COVID-19 coronavirus pandemic, and that it is too early to worry about an increase in the budget deficit or rising government bond yields.

On Thursday, traders expect the publication of revised data on US GDP in the fourth quarter of 2020.

Meanwhile, the pound in February may show the highest growth since July on the back of a jump in British government bond yields, caused by improved economic forecasts and the rapid pace of vaccination in the country. Since the beginning of this month, the pound has gained more than 3% against the dollar and the euro. Since the end of last year, the pound has risen by more than 4% against the euro. Meanwhile, the yield on ten-year UK government bonds in February increased by more than 0.4 p. p. The sale of government securities was the highest since 2016.

The ICE Dollar index, which shows the value of the US dollar against six major world currencies, fell by 0.15%