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Dollar Index sees little action as US President-elect Joe Biden unveils coronavirus rescue plan

  • The dollar index trades largely unchanged on the day near 90.25. 
  • The US President-elect Joe Biden unveils the coronavirus rescue plan, promises support to small businesses. 

The dollar index, which tracks the greenback's value against major currencies, is barely moving in response to the US President-elect Joe Biden's ongoing unveiling of the aggressive coronavirus rescue plan. 

"We have to act...and we've to act now, that's what economists are telling us," Biden said a few minutes before press time while stressing the need to reduce the economic gap between the top 1% of the American economy and workers. 

Biden added that his rescue plan would help the small businesses which are engines of the US economy.

Key quotes

$2000 [in cheques] is going to go a long way to ease that pain

We need about $400 billion of funding from Congress to make all of what I've just said happen.

There should be a national minimum wage of $15 an hour. No one working 40 hours a week should live below the poverty line.

The President-elect is planning 100 million vaccine shots in the first 100 days.

So far, Biden's comments have failed to move the currency markets. The dollar index continues to trade in a sideways manner around 90.25, having printed a high and low of 90.58 and 90.07 ahead of Biden's speech.

According to media reports released early Friday, the total size of Biden's fiscal package is $1.9 trillion. DXY's muted reaction suggests the additional budgetary stimulus was already priced in. 

The bond markets, too, are seeing little action, with the 10-year yield trading marginally weaker on the day near 1.116%. 

Technical levels

Dollar Index Spot

Overview
Today last price90.24
Today Daily Change0.00
Today Daily Change %0.00
Today daily open90.24
 
Trends
Daily SMA2090.07
Daily SMA5091.04
Daily SMA10092.2
Daily SMA20094.56
 
Levels
Previous Daily High90.58
Previous Daily Low90.07
Previous Weekly High90.25
Previous Weekly Low89.21
Previous Monthly High92.02
Previous Monthly Low89.52
Daily Fibonacci 38.2%90.27
Daily Fibonacci 61.8%90.39
Daily Pivot Point S190.01
Daily Pivot Point S289.79
Daily Pivot Point S389.51
Daily Pivot Point R190.52
Daily Pivot Point R290.8
Daily Pivot Point R391.03

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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