Commodity News
HeadLine : Dollar Down Over Yellen’s Urge to “Act Big” on COVID-19 Relief
Date : Jan 20 2021
The dollar was down on Wednesday morning in Asia, with investors digesting U.S. Secretary of the Treasury nominee Janet Yellen’s big spending comments. The euro held onto its gains as a better-than-expected sentiment survey in Germany brightened the mood. The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged down 0.11% to 90.365. Meanwhile, Yellen urged Congress to “act big” on COVID- 19 relief and not worry too much about debt during her Senate confirmation hearing before the Senate Finance Committee on Tuesday. Her comments helped mitigate the risk-adverse tone seen earlier in the week and turned investors away from the safe-haven U.S. currency. Yellen could be confirmed as soon as Thursday to head the Treasury, and U.S. President-Elect Joe Biden will take office later in the day. Investors are paying more attention to the blitz of policies promised, rather than the inauguration itself. Across the Atlantic, the euro gained around 0.4% against the dollar overnight, and hovered around $1.2145 earlier in the session. The currency was boosted by both the Italian government surviving a confidence vote as well as a better-than-expected ZEW economic sentiment survey in Germany.

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