US Dollar volatility (aided by Powell) ahead of Biden’s stimulus: DXY, USD/CAD, USD/JPY

President-elect Joe Biden will be sworn in on Wednesday as the 46th President of the United States. However, later today he will present his economic stimulus package to help troubled Americans deal with effects of the coronavirus. The plan is said to be in the $1.5-$2 trillion area, with a focus on distributing vaccines and increasing stimulus checks to $1,400 per person. The US Dollar Index began the day moving higher; however, it has reversed sharply. Fed Chairman Powell’s dovish remarks that the time to raise interest rates was “no time soon” also encouraged the US Dollar to push lower. DXY As mentioned, … (full story)

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