Asian session review: the dollar declined against major currencies

During today's Asian trading, the US dollar fell against the euro and the yen.

Traders ' attention is focused on the actions of Joe Biden, who took office as president of the United States the day before. Expectations that the Biden administration will ramp up stimulus measures are boosting optimism about the outlook for the U.S. economy, which is contributing to increased risk appetite and, consequently, a weaker dollar.

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.14%.

Investors ignore the continued high incidence of coronavirus, as well as problems with vaccination, hoping for new incentives in the United States, as well as the Biden administration's additional efforts to distribute COVID-19 vaccines.

The focus of traders ' attention on Thursday is the meeting of the European central bank( ECB), which is likely to refrain from adjusting monetary policy.

In December, the ECB extended the Pandemic Emergency Purchase Program (PEPP) for 9 months and increased its volume by 500 billion euros, to 1.85 trillion euros, while maintaining key interest rates.

Meanwhile, the Bank of Japan kept its monetary policy parameters unchanged, while downgrading its GDP forecast for the current fiscal year 2020, ending in March, due to the introduction of new quarantine measures in the country.