The US stock market opened at a record high yesterday but the dollar weakened after Federal Reserve Chair, Jerome Powell, maintained his dovish stance. Speaking yesterday, Powell said, “we are not really looking at forecasts for this purpose, we are looking at actual progress”.
The greenback has since climbed back against the pound as the combination of Brexit and Covid in the UK causes markets to seek a safe haven.
Initial jobless claims were higher than hoped, rising for the second week in a row. Nonetheless, figures remain below 800,000, suggesting that the job market is recovering gradually, owing to Biden’s stimulus package and the acceleration of the vaccine rollout.
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