U.S Dollar Strength Returns, EUR Stays Unfazed, Biden To Sign Relief Bill on Friday

U.S Dollar Strength Returns, EUR Stays Unfazed, Biden To Sign Relief Bill on Friday

The US dollar has risen over the past month and is currently expected to strengthen further. Further fiscal support in the United States, higher yields in the US, and a stronger US economic outlook are all favorable trends for the US dollar, which should lead to the continued strengthening trend of the US dollar in the month ahead.

The dollar’s pullback overnight was relatively short-lived as it is recovering today. Sentiment stabilized as US stocks closed higher yesterday, while the NASDAQ rebounded strongly. Treasury yields also fell slightly. The $58 billion US 3-year bond auction was well received, with a price-to-cover ratio of 2.69. But the biggest challenges are 10 and 30-year auctions today and tomorrow.

The euro rose in early US trading on Wednesday after US inflation data for February failed to surprise, largely in line with expectations that drove the dollar down. The EUR/ USD pair is currently trading near the 1.1921 level during the day, and sellers are to prevent the pair from breaking Monday’s highs around 1.1930. The currency pair has returned to trading in its range of the past 36 hours or so, with a softer-than-expected US CPI report for February unable to trigger any long-term weakness in the US dollar as the euro remains unchanged.
President Biden To Sign Relief Bill on Friday
The US President is due to speak at prime time on Thursday to mark the anniversary of the coronavirus shutdown. The bill included funding direct payments of $1,400 to many Americans, helping businesses, state and local governments, expanding tax credits for children, and funding vaccines and testing, among other things.

President Biden plans to sign a $1.9 trillion coronavirus stimulus bill at the White House, spokeswoman Jen Psaki said.

“Once it is passed, the bill text will be checked, rechecked, printed, and signed by the appropriate leaders in the House and Senate. The House clerks will then deliver it to the White House for the president’s signature. We expect that delivery to happen sometime tomorrow and then the president will sign it on Friday,” Psaki said.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.