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

During today's Asian trading, the US dollar rose slightly against major currencies after a significant decline the day before as investors focused on month-end rebalancing of their portfolios.

The U.S. dollar was weak against most major currencies on Thursday, continuing to be weighed down by the Federal Reserve's pledge on Wednesday to use its full range of tools to support the economy. Promising trial results of Gilead Sciences' potential coronavirus treatment remdesivir also contributed to dollar's weakness.

The Euro rose slightly against the US dollar, while the focus remained on the results of the ECB meeting. European Central Bank President Christine Lagarde warned of an "unexpected" downturn in the euro area that is likely to steepen further during this year, and urged coordinated policy action to protect against downside risks and support the recovery. In her customary press conference, Lagarde said that euro area GDP could fall by between 5% and 12 percent this year, depending on the duration of the containment measures and the success of policies to mitigate the economic consequences for businesses and workers.