Asian session review: the US dollar declined against major currencies

During today's Asian trading, the US dollar declined moderately against major currencies. The focus of the market's attention this week is the minutes of the meeting of the Federal Reserve System (Fed) from June 15-16, which will be published on Wednesday.

The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell by 0.18%. However, the index still remains near a three-month high amid signals from representatives of the Fed leadership that they expect two rate hikes by the end of 2023.

The Australian dollar rose 0.8% against the US dollar. The Reserve Bank of Australia at the end of the July meeting left the key rate at a record low of 0.1%. At the same time, the regulator said that it will begin to abandon a soft monetary policy. From September, the volume of the asset repurchase program will be reduced to 4 billion Australian dollars from the current 5 billion dollars per week, and in October the purchase amounts will be revised again. Meanwhile, the main scenario of the RBA still does not imply an increase in the base rate before 2024.