The dollar is weaker this morning after Biden’s inauguration yesterday due to the promise of increased economic stimulus for the US economy. This has caused investors to opt for riskier assets and away from safe-haven currencies, such as the US dollar.
Biden’s administration has already proposed a $1.9 trillion coronavirus stimulus package – known as the “American Rescue Plan”. However, it must be passed by Congress first.
Weekly jobless claims for the US will be released later today, which are expected to show almost one million new people claiming benefits.
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