Asian session review: the US dollar fell against most currencies

During today's Asian trading, the US dollar declined against most major currencies amid a general weakening of risk appetite in global markets, as well as "dovish" statements by members of the Federal Reserve System (Fed).

Fed Vice Chairman Richard Clarida noted yesterday that the US labor market is still far from the levels it was at before the pandemic. The weak U.S. employment data for April, Clarida said, showed that the States have not yet made "sufficient progress" toward the maximum employment goal that would allow the Fed to begin reducing the volume of asset repurchases, currently $ 120 billion a month.

Meanwhile, the head of the Federal Reserve Bank of Atlanta, Raphael Bostic, noted that the moment when the Fed will need to consider the possibility of changing the parameters of monetary policy has not yet come. "The number of jobs in the U.S. is still 8 million fewer than before the pandemic, and until we make serious progress in closing that gap, I think we need to maintain a very high level of stimulus," Bostic said.

Clarida's statements on inflation did not sound seriously concerned about the acceleration in the pace of growth in consumer prices in the United States, noted in April. Clarida said that the increase in inflationary pressure in the US this year is due to the opening of the economy, and is likely to be temporary.

The minutes of the April 27-28 meeting of the Federal Open Market Committee (FOMC), which will be released on Wednesday, are likely to confirm Clarida's statements, experts say.

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.25%.