Dollar Edges Higher FX Stimulus
FxPremiere.com – FX Signals | The dollar edged higher in early European trading Tuesday, as concerns over the timing and size of U.S. stimulus weighed on market sentiment ahead of a Federal Reserve meeting.
USD/JPY was down 0.1% at 103.78, GBP/USD fell 0.4% to 1.3620, while the risk-sensitive AUD/USD was down 0.4% at 0.7675.
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However, doubts are starting to emerge about when and to what degree the $1.9 trillion stimulus package proposed by U.S. President Joe Biden,
This brings this week’s Federal Reserve meeting, the first under the Biden administration, starting later Tuesday to conclude on Wednesday, into focus.
“The big question during the spring is if [Fed Chairman] Jay Powell is willing to play ball when the potential mountain of issuance hits markets.
The economic data slate is relatively light Tuesday, but attention will start to focus on the release of the fourth quarter GDP figure later in the week, which is expected to show that the country’s economic recovery has weakened as it continues to fight surging numbers of COVID-19 cases.
Forex Signals – Pound to US Dollar Exchange Struggle
Elsewhere, EUR/USD fell 0.2% to 1.2108, amid continued political uncertainty in Italy. Italian Prime Minister Giuseppe Conte is expected to resign Tuesday, hoping that President Sergio Mattarella will give him a mandate to form a new government with broader backing in parliament.
Dollar Edges Higher FX Stimulus
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Dollar Edges Higher FX Stimulus
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