Asian session review: the dollar traded stable against the euro

During today's Asian trading, the US dollar was almost unchanged against the euro, yen and pound.

Traders are evaluating information about the results of tests of the next COVID-19 vaccine: american Moderna Inc. reported yesterday that the vaccine it developed showed more than 94.5 percent effectiveness in the third phase of trials.

The ICE index, which tracks the dollar's performance against six currencies (the euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.06%.

Citigroup experts expect that the dollar index could fall by 20% in 2021 if COVID-19 vaccines become widely available, and this will help to revive global trade and economic growth.

Meanwhile, Goldman Sachs analysts believe that the dollar, which has fallen significantly since its March peak, is still overvalued by about 10%.

"The dollar will continue to weaken in 2021. The rapid recovery of the global economy will put pressure on the US currency, which is a safe haven asset, even if the economic dynamics in the US are good, "Goldman Sachs said in a review.

"Rapid economic growth will support the currencies of commodity exporters, emerging markets, as well as countries whose economies are heavily dependent on global trade, and will contribute to the weakening of the dollar," Goldman said.