Dollar Higher, Powell’s Interview Limits Gains

15 January 2021

    The dollar was seen higher this morning as Joe Biden outlined his plans for additional stimulus, but gains were limited by Federal Reserve Chairman - Jerome Powell declining to join discussion about reducing monetary stimulus. 


    Biden released details of his $1.9 trillion spending plan, including more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs. Gains are, however, limited as Fed Chair Jerome Powell adopted a dovish tone in a live-streamed interview on Thursday.


    To be fair, Powell didn't explicitly rule out a tapering of bond purchases toward year-end, but his timid approach couldn’t have not had an impact. Additionally, the Fed doesn't expect to raise interest rates until 2023 at the earliest. Both - low interest rates and the asset-buying program have been laying heavily on the USD for a while now.


    By 08.00 GMT, the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% to 90.267, rebounding from last week’s near three-year low.

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