Dollar Edges Lower Ahead

FxPremiere.com – Forex Signals | The US dollar edged lower in early European trade Tuesday, with the focus turning to the testimony of U.S. Secretary of the Treasury nominee Janet Yellen on Capitol Hill later in the day.

At 4:05 AM ET (0805 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 90.547, after edging as high as 90.94 overnight for the first time since Dec. 21, although trading was subdued with U.S. markets on holiday. Dollar Edges Higher; Sterling Expects Brexit Progress

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USD/JPY was up 0.4% at 104.06, EUR/USD rose 0.2% to 1.2096, GBP/USD climbed 0.1% to 1.3597, while the risk-sensitive AUD/USD was up 0.4% at 0.7711. Dollar Edges Higher as Rising Covid

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She is also expected to be asked about the incoming administration’s stance on the currency, after outgoing President Donald Trump often railed against dollar strength. Dollar Edges Higher

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“We doubt the dollar needs to rally much on these remarks.” Dollar Edges Lower Brexit

Treasury yields rose in response to Biden’s plan for a hefty pandemic relief package.

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These gains may not last too much longer as U.S. monetary policy is likely to still stay ultra-loose for some time, with the central bank’s top management playing down suggestions of ‘tapering’ its bond purchases before next year.

There are concerns about possible civil unrest at Biden’s inauguration on Wednesday, as well as during the impeachment trial of President Donald Trump. Additionally, Thursday sees central bank meetings from the Bank of Japan and the European Central Bank.