Asian session review: the US dollar declined slightly against the major currencies

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

The chairman of the Federal Reserve Bank of San Francisco, Mary Daly, said that the factors that contribute to the growth of inflation in the United States are likely to come to naught in early 2022.

Daly predicts that inflation in the country will remain at a high level until the end of 2021. A number of factors, including supply chain disruptions, semiconductor shortages, and the low-base effect, are putting upward pressure on prices, she said.

The minutes of the Fed's April meeting, released last week, showed that some Fed members were ready to discuss reducing the asset purchase program at upcoming meetings.

The head of the San Francisco Fed noted the correctness of the current monetary policy. She stressed that the authorities need to maintain tolerance, since more than 8 million Americans are still unemployed as a result of the pandemic.

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.1%. The indicator value is near a three-month low. Last week, it fell by 0.34% on the back of rising risk sentiment.