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 price 90.24
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 90.24
 
Trends
Daily SMA20 90.07
Daily SMA50 91.04
Daily SMA100 92.2
Daily SMA200 94.56
 
Levels
Previous Daily High 90.58
Previous Daily Low 90.07
Previous Weekly High 90.25
Previous Weekly Low 89.21
Previous Monthly High 92.02
Previous Monthly Low 89.52
Daily Fibonacci 38.2% 90.27
Daily Fibonacci 61.8% 90.39
Daily Pivot Point S1 90.01
Daily Pivot Point S2 89.79
Daily Pivot Point S3 89.51
Daily Pivot Point R1 90.52
Daily Pivot Point R2 90.8
Daily Pivot Point R3 91.03

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD advances after US PCE inflation

EUR/USD pressures weekly highs as US core PCE inflation jumped to 3.4% YoY in May, as expected. High yielding assets accelerate their advances to the detriment of the greenback, as government bond yields hold steady.

EUR/USD News

GBP/USD battles with 1.3900, still affected by BOE’s decision

GBP/USD remains depressed around 1.3900, pressured by the dovish BOE's surprise offsetting the renewed weakness in the US dollar. Worsening market mood amid Delta covid strain concerns weigh on the pound

GBP/USD News

XAU/USD rises towards key $1794 resistance ahead of US PCE inflation

Gold is picking up the bid tone in European trading, taking advantage of the retreat in the US Treasury yield and the dollar across the curve. 

Gold News

SafeMoon Price Prediction: SAFEMOON ponders 25% advance

SafeMoon price has underperformed relative to top altcoins but is preparing for a move higher. A retest of the range low at $0.00000257 seems likely before SAFEMOON catapults.

Read more

US PCE inflation preview: Data likely to reaffirm FOMC's hawkish tilt

The US Bureau of Economic Analysis will release the PCE inflation report on Friday, June 25. Markets expect the Core PCE Price Index, the Federal Reserve’s preferred gauge of inflation, to rise to 3.4% on a yearly basis in May from 3.1% in April.

Read more

Forex MAJORS

Cryptocurrencies

Signatures