Asian session review: the US dollar declined against the japanese yen

During today's Asian trading, the yen rose moderately against the US dollar and declined against the euro on data on the record growth of the Japanese economy in the 3rd quarter.

Japan's GDP soared by a record 21.4% year-on-year in the 3rd quarter after the largest decline in history of 28.1% in April-June, preliminary official data showed. In quarterly terms, growth in July-September was 5%, which is also a record, after falling by 8.2% in the 2nd quarter. This is the first increase in the index in the last four quarters, as the economy recovers from the shock caused by the COVID-19 pandemic.

The ICE index, which tracks the US dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.18%.

Investors are looking ahead to the EU summit this week, which could be key to agreeing a draft trade agreement with the UK. Meanwhile, British Prime Minister Boris Johnson was forced to go into self-isolation after coming into contact with a coronavirus-infected member of the British Parliament.

Data on China also came into focus. Retail sales in China increased by 4.3% compared to the same month last year, the National Bureau of Statistics of China reported. Meanwhile, analysts on average predicted an increase of 4.9%. The volume of industrial production in China last month increased by 6.9% in annual terms - the highest since December last year. Experts expected growth of 6.5%.