Janet L. Yellen, President-elect Joseph R. Biden’s nominee to be Treasury secretary, said at her confirmation hearing on Tuesday that she fears there are difficult months ahead before the vaccine is distributed widely enough to fully reopen economy.
Yellen says we should not think about tax increases in the abstract but in the context of a larger investment program.
She also said that the US needs to address that China poses, saying that the regime is guilty of human rights abuses.
Meanwhile, the US dollar is a focus and while not specifically endorsing the “strong dollar” policy established in the 1990s, she said the US “does not seek a weaker currency to gain a competitive advantage”.
On the 4-hour time frame, the US dollar has made a significant correction in te DXY to the point of the W-formation's neckline where the price would be expected to be supported.
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.