Asian session review: the dollar rose against most major currencies

During today's Asian trading, the dollar rose against the euro and the yen. The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.17%.

The dollar fell on the eve of a decline in US Treasury yields on the background of a general increase in risk appetite due to growing expectations of the adoption by the US Congress of a package of measures to support the economy of $1.9 trillion, proposed by US President Joe Biden.

The U.S. Senate over the weekend approved the stimulus package, making some changes to the draft of the House of Representatives, which now has to approve the final version of the bill.

Support for the dollar, despite the general increase in risk appetite, which usually contributes to the weakening of the US currency, is provided by the optimism of traders associated with expectations of a rapid recovery in the US economy. Meanwhile, the yen, also considered a "safe haven" asset, is getting cheaper relative to most of the world's major currencies.

Meanwhile, the head of the Reserve Bank of Australia, Philip Lowe, made it clear that expectations of a rise in the Central Bank's base rate in 2022 are unfounded. "In the last couple of weeks, financial markets have begun to lay the possibility of a rate hike as early as 2022 and then again in 2023. We do not share these expectations, " Lowe said during a conference on Wednesday.