In the course of today’s trading, the US dollar is getting cheaper against the euro and pound sterling after significant strengthening the day before. At the same time, the yen is falling on the statements of the head of the Bank of Japan Haruhiko Kuroda that the Central Bank will continue to implement a soft monetary policy.

Calculated ICE index, showing the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), loses 0.22%, the broader WSJ Dollar Index – 0.09%.

As of 9:02 a.m. Moscow time, the euro was fetching $1.0399, compared with $1.0380 at Thursday’s market close

The pound sterling rose to $1.2223 against $1.2202 the previous day.

Paired with the Japanese currency, the dollar was worth 128.81 yen by 9:02 Moscow time, compared with 128.34 yen on Thursday.

Yesterday, the U.S. currency rose 1.26% against the euro and 0.4% against the pound. The dollar/yen exchange rate fell 1.28% on May 12.

Kuroda, who appeared before the finance committee of Japan’s lower house of parliament today, said the situation in the country’s economy is “completely different” from the U.S. and Europe, where economic growth has already recovered to pre-crisis levels and inflation rates are much higher.

“While inflation is expected to accelerate to around 2% in the short term, this will be driven by energy prices and lack of stability,” he said. In this regard, the Japanese central bank “does not consider it appropriate” to abandon the current MPC, Kuroda noted.

Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell said on Thursday that the Fed intends to act decisively to bring U.S. inflation back to the 2 percent target, even if it creates problems for the economy in the short term.

“‘This process will be painful, but the most difficult part will be if we can’t get a handle on inflation,’ Powell said in an interview on the Marketplace radio program. – We would end up having to go through a much deeper recession.”

The U.S. Senate on Thursday approved the reappointment of Jerome Powell to head the Federal Reserve (Fed) for a second four-year term.