Asian session review: the euro declined against most currencies

During today's Asian trading, the euro fell against the US dollar and the yen, while traders are waiting for the results of the European Central Bank (ECB) meeting, which will be announced on Thursday.

Concerns that Europe is plunging into a cycle of weak economic growth, negative interest rates and deflation will be at the heart of the ECB's discussions this week, although no immediate action is expected from the regulator.

On Friday, traders also expect the publication of preliminary data on changes in consumer prices in the Euro zone in October and GDP in the third quarter. The data could show the region's economy growing at around 10% compared to the previous three months after the recession in the first half of the year.

However, a new spike in the incidence of coronavirus and retaliatory restrictive measures, including curfews in France, Italy and Spain, pose the threat of a second recession. ECB chief Christine Lagarde is expected to signal a willingness to accept new stimulus in December, amid worsening forecasts.

The yen is rising. The Bank of Japan will also hold a meeting this week, the results of which will be announced on Thursday. Experts do not expect him to change the main parameters of monetary policy at the upcoming meeting.

Hopes for a new package of measures to support the US economy before the presidential election were dashed after the leader of the Republican majority in the Senate, Mitch McConnell, announced that the upper house of Congress will not resume work until November 9.

The ICE index, which tracks the dynamics of the US dollar against six currencies (Euro, Swiss franc, yen, canadian dollar, pound sterling and Swedish Krona), rose by 0.22%.