The dollar is a ‘safe-haven’ currency, meaning that it tends to strengthen in times of crisis. Due to news that vaccines will be rolled out soon, hopes of a stimulus package for the US economy and a more ‘conventional’ governance due to Biden’s election, the dollar is weak and riskier currencies are in favour.
PMI data will also be released for the US today, which is expected to show that the service sector is still growing at a decent pace. Jobless claims figures will also be released.
A bipartisan group of US senators has proposed a $908bn stimulus bill in an attempt to get the ball rolling on securing a stimulus package to help the US economy.
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