Zhang Mengying

Investing.com – The dollar was down on Thursday morning in Asia. The main market focus was still on the European Central Bank meeting later that day and the policy decisions it made.

This chart tracks the greenback’s value against a basket currency. It fell 0.9% to 102.45 at 12:29PM ET (4:29 GMT)

It fell 0.12%, to 134.09. The yen recovered from its 20-year low on Thursday but the Bank of Japan maintained stimulatory policies.

Both the pair fell 0.13% to 0.77183, while the pair climbed 0.08% up to 0.6452.

Both the pair dropped by 0.10% to 6.6768 and 0.04% respectively to 1.2535.

Government data released earlier in the day showed that China’s exports in May as COVID-19 curbs and disruptions to production and logistics eased, . Investing.com forecasts a 8.0% growth, while April’s growth was 3.9%.

Later in the day, it is likely to close its ongoing asset purchasing program.

In the event ECB President Christine Lagarde “leans into a more hawkish interest rate move in the future, that’s going give a boost to euro-dollar,” Commonwealth Bank of Australia currency strategist Carol Kong told Reuters.

“I don’t think a rate hike today is very likely, as the ECB has talked a lot about sequencing and said it will stop asset purchases before raising interest rates but given that inflation is at a record high and the economic rationale for a rate hike is there, I would not completely rule it out,” Kong added.

A high level of euro zero inflation has prompted the market to price in a 50-basis points interest rate rise by the ECB.

Investors remain concerned about the possibility of a recession due to interest rate increases. The Organization for Economic Co-operation and Development warned Wednesday about the global economic woes and that interest rate hikes have made the outlook for growth worse.

On the data front, , China’s , and data are due on Friday.

The bitcoin price hovered just below the $30,000 threshold in cryptocurrency.