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US Dollar Softens as Biden Proposes $2-Trillion Spending Package

US Dollar Softens as Biden Proposes $2-Trillion Spending Package

Rich Dvorak, Analyst

US DOLLAR WEAKENS SLIGHTLY AS PRESIDENT BIDEN REVEALS $2-TRILLION INFRASTRUCTURE SPENDING PACKAGE

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The US Dollar softened a bit across major currency pairs throughout most of Wednesday’s session, but the Greenback erased initial weakness as trading progressed. This left the broader DXY Index little changed with US Dollar strength against the Yen offsetting weakness versus the Pound. EUR/USD price action whipsawed lower to finish flat on the day with US outperformance likely reinforced by France entering a month-long nationwide lockdown. Not to mention, the US Dollar could also be reacting to firming Treasury yields as the ten-year contends with 175-basis points. This likely comes on the heels of President Joe Biden unveiling $2-trillion in government spending plans on infrastructure.

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New infrastructure investments are said to be allocated over an eight-year period, which will target transportation, broadband internet access, manufacturing, elderly care, and clean energy. To help pay for the infrastructure spending, President Biden proposed raising the corporate tax rate to 28%. Biden also said that the it will have two parts: the American jobs and American families plan. The second half of his plan will be announced in a few weeks.

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US DOLLAR INDEX PRICE CHART WITH TEN-YEAR TREASURY YIELD OVERLAID: 15-MINUTE TIME FRAME (31 MAR 2021 INTRADAY)

DXY Index Price Chart US Dollar with Ten-Year Treasury Yield Overlaid Reaction to Biden Infrastructure Spending Package

Chart by @RichDvorakFX created using TradingView

The US Dollar was little changed in immediate reaction to President Biden speaking on his infrastructure spending package, though the broader DXY Index did dip slightly. While Biden’s speech is crossing market wires after the close on Wall Street, which is typically a period of low liquidity, the infrastructure spending plan announcement was expected and largely priced in. Looking ahead, US Dollar volatility could accelerate around upcoming employment data due with jobless claims and nonfarm payrolls scheduled for release this Thursday and Friday respectively at 12:30 GMT.

Keep Reading – US Dollar Outlook: DXY Index Forges Ahead to Fresh 4-Month High

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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