Asian session review: the US dollar fell against major currencies

During today's Asian trading, the US dollar declined against the euro, the pound and the australian dollar, and was almost unchanged against the yen after the Federal Reserve System (Fed) meeting.

The Federal Reserve said that the US economy continues to recover, despite the renewed increase in the incidence of COVID-19, and the Central Bank does not intend to rush to curtail stimulus measures. The Fed kept the base rate in the range of 0-0. 25% per annum and promised to continue to buy back assets totaling $120 billion every month, "until significant progress is made in moving towards the goals of maximum employment and price stability". The leaders of the Federal Reserve made it clear that they have made progress in discussing the issue of reducing the volume of asset repurchases, but still have not decided when to start reducing them.

Fed Chairman Jerome Powell admitted that this year consumer prices in the United States are growing much faster than he and other representatives of the Federal Reserve predicted. Inflation "may turn out to be higher and more stable than we expected," Powell said. At the same time, he noted that the increase in inflation in the United States is temporary, and as soon as the economy returns to normal, consumer prices are likely to decline.

The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell by 0.16%.