USD: Dollar weaker on inauguration day

The dollar is weaker ahead of Joe Biden’s inauguration today. Comments yesterday from Janet Yellen, Joe Biden’s nominee for Treasury Secretary, pointed towards substantial fiscal spending to help the U.S. economy.

In a speech yesterday, Yellen urged Congress to ‘act big’ with their COVID-19 relief, meaning that investors have chosen to opt for risker currencies, leaving the dollar weaker.

Incoming President Joe Biden will be inaugurated today as the 46th President of the United States, alongside his Vice-President Kamala Harris. Three former presidents, Barack Obama, Bill Clinton and George W Bush will be in attendance. However, Donald Trump will not attend.

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