The greenback has remained fairly stable against the pound and euro, as Joe Biden announces a $1.9 trillion coronavirus stimulus package. The plan aims to accelerate vaccinations, support state and local governments and provide an additional $1,400 to families to support with the country’s rising unemployment. Biden insists “we have to act now” to beat the pandemic.
The number of unemployment claims continues to rise. The situation is worsening rapidly, with the number of claims reaching 965,000 last week. This is a dramatic increase from the pre-pandemic numbers of around 212,000.
Thursday saw Treasury yields rise marginally as Federal Reserve Chair, Jerome Powell says interest rates will not be raised to tackle rising inflation any time soon.
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