- Greenback falls to a 32-month low.
- Paycheck hike proposal sees only hesitant opposition.
- US data eyed for more clarity.
The US dollar continued its slide from yesterday to touch a 32-month low in the Dollar Index, 89.71 and trades 0.29 Percent down at 89.74 ahead of the European opening.
The US stimulus developments weigh on the greenback as objections against the hike of current 600 dollars aid paycheck to 2,000 dollars aren’t strong; also, the hopes that US President-elect Joe Biden might offer a much higher stimulus package once he assumes the top-slot in the US. Even the US Senate Majority Republican Leader Mitch McConnell’s objection to the paycheck includes counter proposals like social media companies’ protections and election fraud studies, favouring the risk-on mood.
US Treasury Secretary Steve Mnuchin’s assurance that the 600 dollars paycheck will be distributed by Tuesday night gave further momentum for risk -bulls.
Meanwhile, the first US case of the new coronavirus variant was detected in Colorado. US Assistant Secretary for Health Brett Giroir said that the US should extend tests for travellers to more countries.
In Japan, the Tokyo Governor Yuriko Koike expressed fears of a dramatic increase in the pandemic cases.
The US equities closed yesterday with small losses after hitting new highs in the open. Today, S&P 500 Futures trades higher by 0.38 Percent while Asia-Pacific witnesses mixed sessions. The US 10-year Treasury Yields stay flat around 0.94 Percent.
Traders eye US Chicago Purchasing Managers’ Index for December seen at 57 from 58.2 earlier, and November’s Pending Home Sales MoM expected to show zero growth from a decline of 1.1 Percent earlier.