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

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