Asian session review: the dollar rose slightly against most currencies

During today's Asian trading, the US dollar rose against the euro, the yen and the australian dollar, but traded steadily against the pound.

The market is waiting for the results of the two-day meeting of the Federal Reserve System, ending on Wednesday. Experts believe that the leaders of the Federal Reserve at the July meeting will actively discuss the issue of curtailing the asset repurchase program, since the American economy is recovering from the consequences of the pandemic faster than expected, and the inflation rate exceeds forecasts.

Investors will be waiting for signals from the Fed about when the Central Bank intends to start reducing the monthly volume of asset repurchases, currently amounting to $120 billion.

The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose by 0.1%.

The Australian dollar declined slightly against the US dollar. The Australian currency has been hovering around the $0.74 mark - the lowest since November 2020 - for 4 weeks in a row, which is due to the general strengthening of the US dollar against the background of a new wave of COVID-19 cases in the world. The Australian Bureau of Statistics released data today that showed a jump in inflation in the second quarter to 3.8%, the highest since the 3rd quarter of 2008.