The dollar is weaker against a basket of currencies as US treasury yields have stabilised. This means that riskier currencies are now in favour over reserve currencies, such as the US dollar.
The markets are still keeping an eye on Biden’s $1.9 trillion stimulus bill, which has now been passed by the US House of Representatives. It now moves to the Senate. Both Biden and Treasury Secretary Janet Yellen have urged Congress to approve the bill.
There will be a series of data releases for the US this week, including PMI data and Non-Farm Payrolls at the end of the week.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
