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Asian session review: the US dollar rose slightly against the major currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaPrivate Sector Credit, m/mFebruary0.2% 0.2%
00:30AustraliaPrivate Sector Credit, y/yFebruary1.7% 1.6%
00:30AustraliaBuilding Permits, m/mFebruary-19.4%5%21.6%
01:00ChinaNon-Manufacturing PMIMarch51.4 56.3
01:00ChinaManufacturing PMI March50.65151.9
05:00JapanHousing Starts, y/yFebruary-3.1%-4.8%-3.7%
06:00United KingdomNationwide house price index, y/yMarch6.9%6.4%5.7%
06:00United KingdomNationwide house price index March0.7%0.4%-0.2%
06:00United KingdomBusiness Investment, y/yQuarter IV-12.8% -7.4%
06:00United KingdomBusiness Investment, q/qQuarter IV13.2% 5.9%
06:00United KingdomCurrent account, bln Quarter IV-14.3-34-26.3
06:00United KingdomGDP, q/qQuarter IV16.9%1%1.3%
06:00United KingdomGDP, y/yQuarter IV-8.5%-7.8%-7.3%
06:45FranceCPI, m/mMarch0%0.7%0.6%
06:45FranceConsumer spending February-4.9%2%0%
06:45FranceCPI, y/yMarch0.6%1.1%1.1%

During today's Asian trading, the dollar rose to a new one-year high against the yen and multi-month highs against other rivals as investors bet that massive fiscal stimulus and aggressive vaccinations will help the United States lead the global recovery.President Joe Biden is set to outline later on Wednesday how he intends to pay for a $ 3-4 trillion infrastructure plan, after saying earlier this week that 90% of American adults will be eligible for vaccination by April 19.

"US economic indicators may continue to support the US dollar in the near term," Commonwealth Bank of Australia currency strategist Carol Kong said.

"The JPY will depend on the overall trend of the US dollar strengthening," she said.

The dollar was also supported by a sharp rise in US bond yields, which makes the currency more attractive as an investment.

Investors will watch closely monthly U.S. nonfarm payrolls data on Friday, with Federal Reserve policymakers so far citing slack in the jobs market for their continued lower-for-longer stance on interest rates, which has boosted the growth outlook but also stoked worries about inflation.

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