Asian session review: the US dollar fell moderately against major currencies

During today's Asian trading, the US dollar declined moderately against the euro and yen. The Chairman of the Federal reserve bank of St. Louis, James Ballard, on Tuesday announced the prospects of a strong economic recovery and a significant reduction in the unemployment rate in the next six months. "If those who define themselves as "temporarily laid off" just go back to work in the next six months and nothing else changes, the official unemployment rate will fall to 4.5%, " he said.

Federal Reserve Member of the Board of Governors Lael Brainard, in turn, warned that the economic recovery is likely to "face some restraining factors" and will require further easing of monetary policy.

Meanwhile, president of the Federal Reserve Bank of Philadelphia Patrick Harker said on Tuesday that "we are in a crisis that is both extremely severe and long-term."

The Central Bank of Japan left the interest rate on deposits of commercial banks at -0.1% per annum, the target yield of ten-year government bonds of Japan - about zero. In a quarterly report, the Bank of Japan said that the economic situation is likely to gradually improve in the second half of the year, but the pace of recovery is expected to be only moderate amid the continuing impact of the COVID-19 pandemic in the world.

Consumer prices in the UK in June 2020 increased by 0.6% in annual terms, according to data from ONS. Thus, inflation accelerated compared to may's 0.5%. Experts expected a slowdown in consumer price growth to 0.4%.

The ICE Dollar index, which shows the value of the dollar against six major world currencies, fell by 0.15% relative to the previous trading day.