The dollar’s weakness continues today as markets are back in full risk mode. After recording fresh levels, the Nikkei also hit a new 30-year high. The yen is currently ranked second among the weakest.
The yen and the dollar are weaker. The yen sells off alongside a strong upside breakout in the Nikkei today.
However, the risk appetite is not evident elsewhere. Australian and Canadian dollars are just mixed. Sterling struggled to take advantage of the Brexit trade to break out of it and remained soft. Gold and oil prices are also within the range.
The market focused on the US incentive bill. The House of Representatives passed legislation expanding direct payments in connection with the coronavirus from $600 to $2,000. The Senate is likely to discuss it early in the Asian session.
Senate Majority Leader Mitch McConnell rejected a Senate Democrat’s request for a bill that would unanimously transfer an additional $1,400 to every American, although the bill would still be voted on today.
US Stocks Improve but Dollar Stays Weak
The dollar remained near a two-and-a-half-year low against several other currencies yesterday, as demand for safe havens remained fairly low as US lawmakers continued to push the COVID-19 relief package.
Risk sentiment in the market got another boost as the US House of Representatives yesterday voted to increase incentive payments to qualified US citizens from $600 to $2,000, sending the new measure to the Senate for a vote. At the same time, it should be noted that the US House of Representatives voted to overturn Trump’s veto on the defense bill, sending the measures also to the Senate.
U.S. stock markets closed at an all-time high on Monday as investors were encouraged by a $900 billion stimulus package signed by U.S. President Trump on Sunday. Risk sentiment in the markets seems to persist, and if it intensifies, we might see the dollar losing ground a bit, while riskier assets such as stocks may gain additional demand.
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