- GBP/USD trades quietly ahead of an expected speech by US President-elect Joe Biden on his economic plans to boost the US economy.
- The fiscal stimulus package could be around $2 trillion.
- Federal Reserve Chair Jerome Powell is also due to speak investors will be listening for clues over when the Fed could start tapering its monetary stimulus program.
GBP/USD STEADY AHEAD OF BIDEN & POWELL
GBP/USD and more broadly the financial markets are not expected to move much ahead of a possible stimulus announcement by US President-elect Joe Biden. A relief package of around $2 trillion could be announced. Federal Reserve Chair Jerome Powell is also due to speak and investors will be looking for clues as to when the Fed could start tapering its bond purchases. There is no UK data due..
Covid cases in Europe are rising and lockdown restrictions tightening, whilst vaccination programmes are ramping up. Meanwhile, rising yields on US Treasury notes and bonds, could keep driving the US Dollar and drive GBP/USD.