Asian session review: the dollar declined against most major currencies

During today's Asian trading, the US dollar fell against the euro and the pound, but rose against the yen.

The dollar index lost momentum on the back of lower US Treasury yields following the weakening of inflation expectations in the US after the publication of data on consumer prices.

Consumer prices excluding food and energy costs (Core CPI) rose 1.3% year-on-year in February, the lowest pace since June 2020. The price increase slowed from 1.4% a month earlier, despite the fact that experts expected the January growth rate to continue.

Nevertheless, experts expect that the new $1.9 billion stimulus package will push the US economy to strong growth, which will support the dollar in the medium term.

The House of Representatives of the US Congress approved a package of measures to support the economy proposed by President Joe Biden, which was previously adopted by the Senate. Biden is expected to sign the bill on Friday.

The focus of traders ' attention on Thursday is the meeting of the European Central Bank (ECB). Experts believe that the ECB can increase the volume of asset repurchases, as well as extend the duration of the anti-crisis program Pandemic Emergency Purchase Program (PEPP). The 1.85 trillion euro program is currently expected to end in March 2022.

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.12%.