The dollar continued to gain at the expense of the euro while having a “choppy” day against GBP.
The stimulus package and hopes for a rapid recovery continued to power the dollar. It includes, for example, $1,400 cheques going out to individuals earning less than $75,000 or couple less than $150,000, a $3,000 tax credit for those with children, extra food stamps and relief for families needing childcare or with food shortages.
Later today we have a speech from Federal Reserve Open Market Committee member Robert Kaplan that could offer clues to future monetary policy. Tomorrow will see a wide range of industrial data.
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.
