Dollar Has Fallen, But Hopes Are Growing For An Earlier Stimulus Package

In the weekend session, the dollar dropped sharply on the currency markets, with the dollar index falling 0.6 percent to 90.99 points against a basket of currencies on Friday, but still rising 0.5 percent for the week. On Friday, the euro rapidly rose 0.72 percent to $1.2048 but dropped 0.75 percent over the week.

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Sovereign prices have begun to increase, expecting economic growth and inflation acceleration. The 10-year T-Bond yield finished Friday at 1.16% (up 2 basis points) from 1.06% last Friday.

Markets supported the possibility that Joe Biden’s proposal to help the U.S. economy will be implemented early. On Friday, the Senate adopted a budget procedural text by 51 votes to 50 that require the Biden bill to be approved as a matter of urgency (“fast-tracking”). This is good news since a two-thirds majority will be needed without this process, while Democrats have at least 51 votes out of 100 in the Senate.

On Friday, U.S. President Joe Bien said he would like his proposal to get bipartisan support, but said he was able to pass it with Democrats’ sole support. In a White House intervention, he said he had to “act fast” because it is clear that our economy is already in danger. That’s what we’re trying to do, and we’re going to do it now, he added, a lot of people are losing confidence and waiting for government assistance.

Joe Biden has reaffirmed his commitment to continuing his $1,900 billion proposals as Republicans suggest a diminished plan of $618 billion. I’m not going to slash the volume of American checks. It will be a $1,400 period, said Biden of his plan’s direct aid portion.

He thought that spending heavily on the economy was more important than thinking about the budget deficit. If we do not release adequate assistance, it will take longer to get out of the recession, the President said, before questioning the Republican Party’s championed budgetary ideology. It is absolutely false, he said, to tell the Americans that we don’t have the resources to support them.